false N-2 Putnam Premier Income Trust 0000827773 N-CSRS 0000827773 2025-08-01 2026-01-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-05452

 

Putnam Premier Income Trust

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (617) 292-1000

 

Date of fiscal year end: July 31

 

Date of reporting period: January 31, 2026

 

 
   

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

 

Semiannual
Report
Putnam
Premier
Income
Trust
January
31,
2026
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
.
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
franklintempleton.com
Semianual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
39
Notes
to
Financial
Statements
42
Important
Information
to
Shareholders
58
Annual
Meeting
of
Shareholders
66
Dividend
Reinvestment
and
Cash
Purchase
Plan
67
Shareholder
Information
69
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Putnam
Premier
Income
Trust
Dear
Shareholder,
This
semiannual
report
for
Putnam
Premier
Income
Trust
covers
the
period
ended
January
31,
2026.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
high
current
income
consistent
with
the
preservation
of
capital
by
allocating
its
investments
among
the
U.S.
government
sector,
high
yield
sector
and
international
sector
of
the
fixed-income
securities
market.
We
invest
mainly
in
bonds,
securitized
debt
instruments
(such
as
residential
mortgage-backed
securities
and
commercial
mortgage-backed
securities),
and
other
obligations
of
companies
and
governments
worldwide
that
are
either
investment-grade
or
below-investment-grade
in
quality
(sometimes
referred
to
as
“junk
bonds”),
that
have
intermediate-
to
long-term
maturities
(three
years
or
longer),
and
that
are
from
multiple
sectors.
The
Fund
currently
has
significant
investment
exposure
to
residential
and
commercial
mortgage-backed
investments.
We
may
consider,
among
other
factors,
credit,
interest
rate
and
prepayment
risks,
as
well
as
general
market
conditions,
when
deciding
whether
to
buy
or
sell
investments.
We
typically
use
to
a
significant
extent
derivatives,
such
as
futures,
options,
certain
foreign
currency
transactions
and
swap
contracts,
for
hedging
and
non-hedging
purposes
and
to
obtain
leverage.
Performance
Overview
For
the
six
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+3.79%
in
market
price
terms
and
+3.36%
in
net
asset
value
terms.
In
comparison,
the
ICE
BofA
U.S.
Treasury
Bill
Index,
which
is
an
unmanaged
index
that
tracks
the
performance
of
U.S.
dollar-denominated
U.S.
Treasury
bills
publicly
issued
in
the
U.S.
domestic
market,
posted
a
+2.09%
total
return
for
the
same
period.
1
You
can
find
the
Fund's
long-term
performance
data
in
the
Performance
Summary
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
1.
Source:
FactSet.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund's
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Portfolio
Composition
1/31/26
%
of
Total
Investments
Mortgage-Backed
Securities
30.0%
Corporate
Bonds
21.3%
Agency
Commercial
Mortgage-Backed
Securities
9.1%
Foreign
Government
and
Agency
Securities
7.1%
Residential
Mortgage-Backed
Securities
6.6%
Commercial
Mortgage-Backed
Securities
5.9%
Senior
Floating
Rate
Interests
5.6%
Convertible
Bonds
1.9%
Management
Investment
Companies
1.8%
Asset-Backed
Securities
*
1.2%
Other
0.0%
Short-Term
Investments
9.5%
*
Includes
non-agency
residential
mortgage-backed
securities,
collateralized
loan
obligations.
Rounds
to
less
than
0.1%.
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Top
10
Holdings
1/31/26
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Uniform
Mortgage-Backed
Securities
22.0%
Financial
Services,
United
States
GNMA
7.2%
Financial
Services,
United
States
GNMA
II,
Single-family,
30
Year
5.4%
Financial
Services,
United
States
Franklin
Ultra
Short
Bond
ETF
2.6%
Capital
Markets,
United
States
FNMA
Connecticut
Avenue
Securities
Trust
2.4%
Financial
Services,
United
States
FHLMC
2.3%
Financial
Services,
United
States
FNMA
1.9%
Financial
Services,
United
States
FHLMC
STACR
REMIC
Trust
1.6%
Financial
Services,
United
States
COMM
Mortgage
Trust
1.4%
Financial
Services,
United
States
Alternative
Loan
Trust
1.3%
Financial
Services,
United
States
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
7
.
Putnam
Premier
Income
Trust
3
franklintempleton.com
Semiannual
Report
Effective
September
30,
2025,
Benjamin
Cryer
stepped
down
as
portfolio
manager
of
the
Fund.
Thank
you
for
your
continued
participation
in
Putnam
Premier
Income
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Albert
W
Chan,
CFA
Patrick
A.
Klein,
Ph.D.
Michael
V
Salm
Matthew
J
Walkup
Portfolio
Management
Team
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
January
31,
2026
Putnam
Premier
Income
Trust
4
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
1/31/26
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Share
Prices
Cumulative
Total
Return
1
Average
Annual
Total
Return
1
Based
on
NAV
2
Based
on
market
price
3
Based
on
NAV
2
Based
on
market
price
3
6-Month
+3.36%
+3.79%
+3.36%
+3.79%
1-Year
+8.57%
+9.17%
+8.57%
+9.17%
5-Year
+12.18%
+18.02%
+2.33%
+3.37%
10-Year
+48.93%
+63.98%
+4.06%
+5.07%
Symbol:
PPT
1/31/26
7/31/25
Change
Net
Asset
Value
(NAV)
$3.77
$3.80
-$0.03
Market
Price
(NYSE)
$3.64
$3.66
-$0.02
Distributions
Per
Share
(8/1/25–1/31/26)
Net
Investment
Income
$0.1560
See
page
5
for
Performance
Summary
footnotes.
Putnam
Premier
Income
Trust
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Asset-backed,
mortgage-backed
or
mortgage-related
securities
are
subject
to
prepayment
and
extension
risks.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Deriv-
ative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
Active
management
does
not
ensure
gains
or
protect
against
market
declines.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
All
figures
represent
past
performance
and
are
not
a
guarantee
of
future
results.
Returns
reflect
the
deduction
of
all
Fund
expenses,
including
management
fees,
operating
expenses,
and
other
Fund
expenses.
Returns
do
not
reflect
the
deduction
of
brokerage
commissions
or
taxes
that
investors
may
pay
on
distributions
or
sale
of
shares.
1.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
the
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
2.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
3.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Putnam
Premier
Income
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$3.80
$3.85
$3.82
$4.12
$4.62
$4.80
Income
from
investment
operations
a
:
Net
investment
income
..............
0.08
0.21
0.24
0.23
0.21
0.21
Net
realized
and
unrealized
gains
(losses)
0.05
0.05
0.10
(0.23)
(0.41)
(0.04)
Total
from
investment
operations
........
0.13
0.26
0.34
(0.20)
0.17
Less
distributions
from:
Net
investment
income
..............
(0.16)
(0.20)
(0.21)
(0.26)
(0.26)
(0.07)
Tax
return
of
capital
................
(0.11)
(0.10)
(0.05)
(0.05)
(0.28)
Total
distributions
...................
(0.16)
(0.31)
(0.31)
(0.31)
(0.31)
(0.35)
Repurchase
of
shares
(Note
2)
.........
b
b
0.01
0.01
b
Net
asset
value,
end
of
period
..........
$3.77
$3.80
$3.85
$3.82
$4.12
$4.62
Market
value,
end
of
period
c
...........
$3.64
$3.66
$3.63
$3.65
$3.89
$4.65
Total
return
(based
on
net
asset
value
per
share)
d
...........................
3.36%
7.14%
9.46%
0.39%
(4.16)%
3.40%
Total
return
(based
on
market
value
per
share)
d
...........................
3.79%
9.74%
8.53%
2.08%
(9.87)%
5.63%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.94%
0.94%
0.96%
0.99%
0.96%
0.94%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.93%
0.94%
f
0.94%
f
0.99%
f
0.96%
f
0.94%
f
Net
investment
income
...............
4.27%
5.42%
6.41%
5.76%
4.88%
4.21%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$360,554
$362,992
$367,934
$369,806
$409,600
$472,126
Portfolio
turnover
rate
g
...............
147%
505%
1008%
1280%
1665%
1023%
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Portfolio
turnover
includes
TBA
purchase
and
sales
commitments.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited),
January
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.6%
Capital
Markets
2.6%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
368,080
$
9,236,968
Total
Management
Investment
Companies
(Cost
$9,155,669)
...................
9,236,968
Principal
Amount
*
Convertible
Bonds
2.6%
Aerospace
&
Defense
0.0%
AeroVironment,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
7/15/30
........
United
States
72,000
84,852
b
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
11/01/30
United
States
72,000
74,412
159,264
Automobile
Components
0.1%
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
83,000
161,393
Automobiles
0.0%
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
122,000
129,015
Biotechnology
0.1%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note,
1%,
9/15/27
...........................
United
States
42,000
54,854
b,c
Senior
Note,
144A,
2.55%,
9/15/28
....................
United
States
109,000
102,034
b
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
2/01/33
....
United
States
35,000
35,875
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
1
%
,
8/15/28
.......
United
States
143,000
198,770
b
Ionis
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
12/01/30
........................................
United
States
72,000
79,746
471,279
Broadline
Retail
0.1%
b
Etsy,
Inc.
,
Senior
Note
,
144A,
1
%
,
6/15/30
.................
United
States
219,000
218,276
Capital
Markets
0.0%
b,c
Coinbase
Global,
Inc.
,
Senior
Note
,
144A,
2.47%
,
10/01/32
....
United
States
109,000
92,640
b
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
72,000
72,526
b
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
72,000
83,952
249,118
Construction
&
Engineering
0.1%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
141,000
174,290
Consumer
Staples
Distribution
&
Retail
0.0%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
88,000
135,582
Diversified
REITs
0.1%
b
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
258,000
267,211
Electric
Utilities
0.3%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
153,000
203,643
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
165,000
167,970
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
201,000
226,075
597,688
Electrical
Equipment
0.1%
b
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
Zero
Cpn
.,
11/15/30
..
United
States
216,000
244,944
Electronic
Equipment,
Instruments
&
Components
0.1%
b
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
73,000
79,278
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
Itron
,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
203,000
$
216,195
b
Mirion
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
10/01/31
United
States
127,000
142,929
b
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
2/01/31
........
United
States
108,000
107,417
545,819
Entertainment
0.2%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
199,000
233,128
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
72,000
106,135
Senior
Note,
2.875%,
1/15/30
........................
United
States
164,000
174,004
513,267
Financial
Services
0.1%
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
177,000
156,999
Food
Products
0.1%
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
158,000
173,879
Ground
Transportation
0.1%
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
198,000
254,139
Health
Care
Equipment
&
Supplies
0.1%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
248,000
231,694
b
Merit
Medical
Systems,
Inc.
,
Senior
Note
,
144A,
3
%
,
2/01/29
...
United
States
82,000
94,956
326,650
Health
Care
REITs
0.1%
b
Welltower
OP
LLC
,
Senior
Note,
144A,
2.75%,
5/15/28
....................
United
States
111,000
220,890
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
109,000
166,334
387,224
Hotels,
Restaurants
&
Leisure
0.1%
b
DoorDash
,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
5/15/30
.......
United
States
217,000
217,651
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
0.875
%
,
4/15/30
.........
United
States
90,000
99,765
317,416
Household
Durables
0.0%
Meritage
Homes
Corp.
,
Senior
Note
,
1.75
%
,
5/15/28
.........
United
States
144,000
146,845
Household
Products
0.0%
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
72,000
69,750
IT
Services
0.2%
Akamai
Technologies,
Inc.
,
Senior
Note
,
0.375
%
,
9/01/27
.....
United
States
183,000
194,603
b
Cloudflare,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
6/15/30
.......
United
States
145,000
153,062
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
10/01/27
...........
United
States
220,000
298,650
646,315
Life
Sciences
Tools
&
Services
0.1%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
173,000
184,134
Machinery
0.0%
b
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
73,000
78,475
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Multi-Utilities
0.0%
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
112,000
$
121,184
Office
REITs
0.0%
b
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
109,000
104,040
Professional
Services
0.0%
Parsons
Corp.
,
Senior
Note
,
2.625
%
,
3/01/29
..............
United
States
89,000
95,478
Real
Estate
Management
&
Development
0.0%
b
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
107,000
115,560
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/30
......
United
States
105,000
108,181
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
144,000
242,560
b
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn
.,
9/15/30
...........
Israel
73,000
117,240
ON
Semiconductor
Corp.
,
Senior
Note
,
0.5
%
,
3/01/29
........
United
States
118,000
115,555
583,536
Software
0.2%
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
136,000
128,656
b,c
Commvault
Systems,
Inc.
,
Senior
Note
,
144A,
3.76%
,
9/15/30
..
United
States
73,000
61,539
c
Datadog,
Inc.
,
Senior
Note
,
0.34%
,
12/01/29
...............
United
States
181,000
178,692
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
201,000
194,869
b,c
IREN
Ltd.
,
Senior
Note
,
144A,
1.45%
,
7/01/31
..............
Australia
36,000
33,300
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
145,000
132,167
b,c
Rubrik,
Inc.
,
Senior
Note
,
144A,
2.44%
,
6/15/30
............
United
States
132,000
118,800
b,c
Terawulf
,
Inc.
,
Senior
Note
,
144A,
0.94%
,
5/01/32
...........
United
States
108,000
101,855
Tyler
Technologies,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
........
United
States
129,000
128,549
Workiva,
Inc.
,
Senior
Note
,
1.25
%
,
8/15/28
................
United
States
85,000
82,429
1,160,856
Specialty
Retail
0.1%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
76,000
115,406
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
153,000
262,227
377,633
Technology
Hardware,
Storage
&
Peripherals
0.1%
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
33,000
163,829
Total
Convertible
Bonds
(Cost
$8,611,924)
....................................
9,331,088
Corporate
Bonds
29.7%
Aerospace
&
Defense
1.2%
ATI,
Inc.
,
Senior
Note
,
4.875
%
,
10/01/29
..................
United
States
1,080,000
1,079,291
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
31,000
29,440
Senior
Note,
2.7%,
2/01/27
..........................
United
States
303,000
299,430
Senior
Note,
6.298%,
5/01/29
........................
United
States
964,000
1,024,227
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
905,000
911,426
b
TransDigm
,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
420,000
437,724
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
145,000
150,107
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
55,000
56,867
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
b
TransDigm,
Inc.,
(continued)
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
135,000
$
139,795
4,128,307
Automobile
Components
0.0%
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
200,000
205,210
Automobiles
0.2%
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
4.55
%
,
9/26/29
..
United
States
470,000
473,910
b
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.625
%
,
11/24/27
..................................
Germany
510,000
487,765
961,675
Banks
2.0%
b
AIB
Group
plc
,
Senior
Note
,
144A,
6.608%
to
9/12/28,
FRN
thereafter
,
9/13/29
.................................
Ireland
435,000
461,624
Bank
of
America
Corp.
,
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
955,000
991,145
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
470,000
470,665
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
285,000
284,418
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
6.208%
to
1/17/28,
FRN
thereafter
,
1/18/29
......................
Spain
445,000
462,184
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
975,000
976,101
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
410,000
412,572
JPMorgan
Chase
&
Co.
,
Senior
Note
,
6.07%
to
10/21/26,
FRN
thereafter
,
10/22/27
................................
United
States
1,810,000
1,838,354
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
5.264
%
,
12/11/26
..
Canada
325,000
329,029
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
895,000
926,178
7,152,270
Biotechnology
0.1%
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
350,000
359,007
Broadline
Retail
0.2%
Amazon.com,
Inc.
,
Senior
Note
,
4.1
%
,
11/20/30
............
United
States
240,000
240,107
b
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
11/15/32
....
United
States
365,000
377,553
617,660
Building
Products
0.8%
b
Builders
FirstSource
,
Inc.
,
Senior
Bond
,
144A,
6.75
%
,
5/15/35
..
United
States
135,000
142,004
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
30,000
30,531
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
135,000
137,651
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
455,000
467,598
b
Quikrete
Holdings,
Inc.
,
Senior
Note,
144A,
6.75%,
3/01/33
....................
United
States
360,000
374,192
Senior
Secured
Note,
144A,
6.375%,
3/01/32
............
United
States
165,000
171,206
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
965,000
1,029,351
b
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
290,000
299,226
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
(continued)
b
Standard
Building
Solutions,
Inc.,
(continued)
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
270,000
$
276,117
2,927,876
Capital
Markets
1.3%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
905,000
929,436
b
Dresdner
Funding
Trust
I
,
Junior
Sub.
Bond
,
144A,
8.151
%
,
6/30/31
.........................................
United
States
200,000
220,623
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
945,000
983,375
Morgan
Stanley
,
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
1,350,000
1,377,506
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
210,000
209,908
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
250,000
258,122
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
375,000
387,602
4,366,572
Chemicals
0.3%
b
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
100,000
102,878
b,d
Braskem
Idesa
SAPI
,
Senior
Secured
Note
,
Reg
S,
7.45
%
,
11/15/29
........................................
Mexico
500,000
328,765
Celanese
US
Holdings
LLC
,
Senior
Bond
,
7.379
%
,
7/15/32
....
United
States
15,000
15,662
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
265,000
212,743
b
Solstice
Advanced
Materials,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
9/30/33
.........................................
United
States
270,000
271,554
931,602
Commercial
Services
&
Supplies
0.9%
b,d
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
400,000
58,495
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
459,000
459,014
b
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
.........................................
United
States
55,000
56,073
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
630,000
656,150
b
Verisure
Midholding
AB
,
Senior
Note
,
Reg
S,
5.25
%
,
2/15/29
...
Sweden
1,310,000
EUR
1,559,285
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
95,000
101,840
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
860,000
885,684
3,776,541
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Note
,
5
%
,
4/15/29
...........
United
States
455,000
466,611
Construction
&
Engineering
0.0%
b
Arcosa
,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
115,000
121,429
Consumer
Finance
0.9%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
4.125%,
2/28/29
........................
Ireland
150,000
149,510
Senior
Note,
4.625%,
9/10/29
........................
Ireland
670,000
677,130
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
.............................
United
States
295,000
293,130
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.........................................
United
States
555,000
582,593
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
b
FirstCash
,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
814,000
$
847,172
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.8%,
3/05/27
..........................
United
States
200,000
202,858
Senior
Note,
4.125%,
8/17/27
........................
United
States
290,000
288,683
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
115,000
115,319
3,156,395
Containers
&
Packaging
0.2%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
225,000
226,478
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
435,000
438,695
665,173
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
935,000
946,628
Diversified
Telecommunication
Services
0.9%
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
510,000
530,397
AT&T,
Inc.
,
Senior
Note
,
4.1
%
,
2/15/28
...................
United
States
910,000
912,441
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
941,000
860,248
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
130,000
134,116
b
IHS
Holding
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
11/29/31
.......
Nigeria
400,000
418,081
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
280,000
292,306
3,147,589
Electric
Utilities
2.2%
b
Buffalo
Energy
Mexico
Holdings
/
Buffalo
Energy
Infrastructure
/
Buffalo
Energy
,
Senior
Secured
Bond
,
144A,
7.875
%
,
2/15/39
Mexico
527,303
576,838
Duke
Energy
Carolinas
LLC
,
A
,
Senior
Bond
,
6
%
,
12/01/28
....
United
States
435,000
459,053
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
410,000
409,187
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
450,000
462,012
b
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
875,000
898,715
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
390,000
394,254
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
6.1
%
,
1/15/29
......
United
States
440,000
461,694
PG&E
Corp.
,
Senior
Secured
Bond
,
5.25
%
,
7/01/30
.........
United
States
1,045,000
1,039,185
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
570,000
592,158
Virginia
Electric
and
Power
Co.
,
A
,
Senior
Bond
,
2.875
%
,
7/15/29
United
States
1,000,000
962,409
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
590,000
582,892
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
465,000
488,831
Senior
Secured
Note,
144A,
4.7%,
1/31/31
..............
United
States
235,000
234,781
7,562,009
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
260,000
259,989
Energy
Equipment
&
Services
0.2%
b
Kodiak
Gas
Services
LLC
,
Senior
Bond,
144A,
6.75%,
10/01/35
...................
United
States
155,000
160,255
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
b
Kodiak
Gas
Services
LLC,
(continued)
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
220,000
$
225,446
b
Transocean
International
Ltd.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
...................................
United
States
491,250
512,344
898,045
Entertainment
0.2%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
795,000
827,539
Financial
Services
0.6%
b
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
...................................
United
States
130,000
132,111
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
780,000
860,324
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
995,000
1,044,825
b
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
135,000
140,005
b
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
440,000
457,033
b
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
5/15/33
...........................
United
States
100,000
EUR
120,935
2,755,233
Food
Products
0.2%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
425,000
442,552
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
244,000
236,248
678,800
Ground
Transportation
0.3%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
........
United
Kingdom
475,000
471,499
b
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
650,000
686,224
1,157,723
Health
Care
Equipment
&
Supplies
0.4%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
190,000
190,622
Senior
Note,
4.8%,
8/14/29
..........................
United
States
460,000
469,476
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
905,000
885,547
1,545,645
Health
Care
Providers
&
Services
0.9%
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
395,000
413,601
Senior
Bond,
1.875%,
2/28/31
........................
United
States
135,000
118,922
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
390,000
401,976
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
55,000
56,492
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
1,120,000
1,106,360
Tenet
Healthcare
Corp.
,
b
Senior
Note,
144A,
6%,
11/15/33
......................
United
States
175,000
180,163
Senior
Secured
Note,
6.75%,
5/15/31
..................
United
States
1,005,000
1,044,504
3,322,018
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
REITs
0.2%
b
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
535,000
$
573,486
Hotel
&
Resort
REITs
0.3%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
455,000
470,912
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
160,000
165,930
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
395,000
408,430
1,045,272
Hotels,
Restaurants
&
Leisure
1.7%
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
490,000
477,663
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
.........................................
United
States
509,000
525,843
b
Carnival
Corp.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
440,000
445,364
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
155,000
159,685
b
Carnival
plc
,
Senior
Note
,
144A,
4.125
%
,
7/15/31
...........
United
States
300,000
EUR
362,357
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
405,000
412,804
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.25
%
,
9/15/33
..........
United
States
420,000
422,518
b
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
.............
United
States
150,000
152,345
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
175,000
179,959
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
267,000
276,957
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
548,000
565,066
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
625,000
600,491
Viking
Cruises
Ltd.
,
b
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
830,000
885,660
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
835,000
900,148
6,366,860
Household
Durables
0.5%
Newell
Brands,
Inc.
,
Senior
Note,
6.375%,
5/15/30
........................
United
States
115,000
113,785
Senior
Note,
6.625%,
5/15/32
........................
United
States
34,000
33,321
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond
,
144A,
5.125
%
,
8/01/30
.........................................
United
States
1,056,000
1,063,391
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
485,000
478,641
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
450,000
444,454
2,133,592
Independent
Power
and
Renewable
Electricity
Producers
0.5%
AES
Andes
SA
,
b
Senior
Note,
144A,
6.25%,
3/14/32
....................
Chile
950,000
986,330
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
445,000
458,921
Senior
Note,
4.4%,
1/15/31
..........................
United
States
155,000
154,679
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
170,000
169,636
1,769,566
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
0.9%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
435,000
$
450,593
b
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
................................
United
States
290,000
303,182
b
Athene
Global
Funding
,
Secured
Note
,
144A,
5.583
%
,
1/09/29
.
United
States
450,000
463,508
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
7.4
%
,
1/13/28
.......
United
States
440,000
459,590
b
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
500,000
501,894
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
420,000
439,410
b
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
4.9
%
,
6/13/28
.........................................
United
States
455,000
464,967
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
585,000
606,550
3,689,694
Interactive
Media
&
Services
0.2%
Alphabet,
Inc.
,
Senior
Note
,
4.1
%
,
11/15/30
................
United
States
530,000
530,579
IT
Services
0.1%
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
530,000
487,342
Leisure
Products
0.2%
b
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
585,000
573,094
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
258,000
258,687
Machinery
0.1%
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
275,000
281,752
Media
0.7%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
625,000
658,411
b
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note,
144A,
5.75%,
8/01/28
.............
United
States
260,000
261,313
Senior
Secured
Note,
144A,
7.375%,
9/01/31
............
United
States
339,000
356,614
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
..................
United
States
168,000
177,034
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
550,000
569,231
2,022,603
Metals
&
Mining
0.7%
b
Cleveland-Cliffs,
Inc.
,
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
202,000
207,552
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
100,000
104,802
Commercial
Metals
Co.
,
Senior
Bond
,
4.375
%
,
3/15/32
.......
United
States
595,000
570,488
b
Constellium
SE
,
Senior
Note,
Reg
S,
3.125%,
7/15/29
..................
United
States
650,000
EUR
767,239
Senior
Note,
144A,
6.375%,
8/15/32
...................
United
States
385,000
398,480
b
Novelis
Corp.
,
Senior
Note
,
144A,
6.875
%
,
1/30/30
..........
United
States
429,000
444,891
2,493,452
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
325,000
333,037
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
3.3%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
5.6
%
,
6/13/28
............
Norway
450,000
$
463,601
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
555,000
563,163
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
405,000
409,119
Energy
Transfer
LP
,
Senior
Bond
,
5.25
%
,
4/15/29
...........
United
States
905,000
931,218
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
140,000
142,724
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
590,000
576,621
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
184,000
186,564
KazMunayGas
National
Co.
JSC
,
b
Senior
Bond,
Reg
S,
5.375%,
4/24/30
..................
Kazakhstan
960,000
984,642
Kinder
Morgan,
Inc.
,
Senior
Note
,
5
%
,
2/01/29
.............
United
States
555,000
569,651
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
1,005,000
1,017,620
b
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.875
%
,
4/15/28
..
United
States
731,000
747,358
Pertamina
Hulu
Energi
PT
,
b
Senior
Note,
144A,
5.25%,
5/21/30
....................
Indonesia
770,000
783,758
b
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
700,000
587,125
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
460,000
467,176
b
Sunoco
LP
,
Senior
Note
,
144A,
6.25
%
,
7/01/33
.............
United
States
403,000
413,595
Targa
Resources
Corp.
,
Senior
Note
,
6.15
%
,
3/01/29
........
United
States
440,000
463,655
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
476,000
471,257
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
985,000
1,008,113
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
70,000
78,092
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
145,000
152,066
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
70,000
76,788
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
95,000
98,636
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
56,000
57,043
11,249,585
Paper
&
Forest
Products
0.1%
b
Magnera
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
.........
United
States
505,000
456,712
Passenger
Airlines
0.4%
b
Air
France-KLM
,
Senior
Note
,
Reg
S,
8.125
%
,
5/31/28
.......
France
500,000
EUR
654,613
b
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
446,000
477,133
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
516,000
515,767
1,647,513
Personal
Care
Products
0.1%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
485,000
474,695
Pharmaceuticals
1.0%
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
765,000
765,219
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
955,000
1,023,148
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
565,000
564,242
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
8.125
%
,
9/15/31
...................................
Israel
989,000
1,135,762
3,488,371
Professional
Services
0.1%
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
400,000
415,515
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
0.2%
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
480,000
$
503,422
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
75,000
77,501
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
130,000
132,595
713,518
Software
0.1%
Oracle
Corp.
,
Senior
Note
,
4.45
%
,
9/26/30
................
United
States
220,000
214,829
Specialized
REITs
0.3%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
910,000
900,256
Specialty
Retail
0.4%
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.....
United
States
705,000
713,702
b
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
144A,
4
%
,
10/01/29
..
United
States
875,000
863,018
1,576,720
Technology
Hardware,
Storage
&
Peripherals
0.2%
b
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note,
144A,
5.875%,
7/15/30
...................
United
States
330,000
340,225
Senior
Note,
144A,
9.625%,
12/01/32
..................
United
States
339,000
383,446
723,671
Textiles,
Apparel
&
Luxury
Goods
0.4%
b
Beach
Acquisition
Bidco
LLC
,
e
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
458,511
502,450
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
225,000
EUR
273,728
b
Crocs,
Inc.
,
Senior
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
640,000
586,271
1,362,449
Tobacco
0.5%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
120,000
122,437
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
335,000
362,170
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
900,000
929,328
1,413,935
Trading
Companies
&
Distributors
0.9%
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
.............
United
States
1,000,000
1,030,541
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
455,000
467,728
b
Boise
Cascade
Co.
,
Senior
Note
,
144A,
4.875
%
,
7/01/30
.....
United
States
475,000
473,885
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
355,000
371,435
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
80,000
85,622
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
140,000
144,965
b
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
525,000
541,493
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4
%
,
7/15/30
..
United
States
196,000
189,520
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/33
.
United
States
100,000
104,186
3,409,375
Wireless
Telecommunication
Services
0.9%
T-Mobile
USA,
Inc.
,
Senior
Note,
2.05%,
2/15/28
.........................
United
States
500,000
481,157
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Note,
3.375%,
4/15/29
........................
United
States
1,820,000
$
1,777,011
b
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
Reg
S,
3.25
%
,
1/31/31
...................................
United
Kingdom
610,000
EUR
685,731
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
435,000
459,914
3,403,813
Total
Corporate
Bonds
(Cost
$104,328,100)
...................................
106,947,519
f
Senior
Floating
Rate
Interests
7.8%
Aerospace
&
Defense
0.1%
g
TransDigm
,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.172%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
263,320
263,495
Air
Freight
&
Logistics
0.2%
g
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.672%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
535,693
537,533
Automobile
Components
0.0%
g
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
6.422%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
131,249
131,618
Biotechnology
0.1%
h,i
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
CME
Term
Loan,
TBD,
12/28/32
........................................
United
States
182,457
182,914
Broadline
Retail
0.1%
g
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.922%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
269,758
270,180
g
Building
Products
0.2%
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.122%,
(6-month
SOFR
+
2.25%),
8/04/31
.
United
States
425,594
425,583
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.922%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
450,800
451,875
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.672%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
67,108
67,150
944,608
a
a
a
a
a
a
g
Chemicals
0.4%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.417%,
(3-month
SOFR
+
3.75%),
4/06/29
.....................
United
States
596,899
583,469
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Add-on
CME
Term
Loan,
B,
6.183%,
(12-month
SOFR
+
2.5%),
12/31/29
..
United
States
528,169
529,532
Nouryon
Finance
BV,
First
Lien,
Term
Loan,
B,
5.527%,
(3-month
EURIBOR
+
3.5%),
4/03/28
..........................
Netherlands
440,000
EUR
523,747
1,636,748
a
a
a
a
a
a
g
Commercial
Services
&
Supplies
0.6%
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.216%,
(1-month
SOFR
+
1.5%),
10/11/32
.....................
United
States
589,170
594,879
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.422%,
(1-month
SOFR
+
2.75%),
10/23/28
..
United
States
434,616
435,930
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan,
6.422%,
(3-month
SOFR
+
2.75%),
2/01/29
.....
Canada
479,452
479,452
Madison
IAQ
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.128%,
(6-month
SOFR
+
2.5%),
6/21/28
......................
United
States
437,013
437,725
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
g
Commercial
Services
&
Supplies
(continued)
PG
Polaris
BidCo
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.922%,
(3-month
SOFR
+
2.25%),
3/26/31
...................................
Luxembourg
198,004
$
198,269
2,146,255
a
a
a
a
a
a
Consumer
Staples
Distribution
&
Retail
0.0%
g
Boots
Group
Finco
LP,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
7.206%,
(3-month
SOFR
+
3.5%),
8/30/32
..........
United
Kingdom
187,672
188,571
g
Containers
&
Packaging
0.4%
BradyPlus
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.19%,
(3-month
SOFR
+
3.5%),
12/29/32
...............
United
States
580,000
577,581
i
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.922%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
441,160
439,508
i,j
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
Term
Loan,
B,
7.413%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
231
231
i
Graham
Packaging
Co.,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.691%,
(12-month
SOFR
+
2.25%),
1/14/33
.............
United
States
74,691
74,718
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.672%,
(1-month
SOFR
+
3%),
9/30/32
.........
United
States
291,790
292,977
1,385,015
a
a
a
a
a
a
Distributors
0.0%
g
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.672%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
72,280
70,934
Electrical
Equipment
0.1%
g
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.161%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
174,902
175,383
g
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
6.438%,
(1-month
SOFR
+
2.75%),
3/01/28
..............
France
173,669
174,667
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.536%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
431,602
419,817
594,484
a
a
a
a
a
a
Financial
Services
0.1%
g
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.172%,
(3-month
SOFR
+
3.5%),
8/16/32
...............
United
States
512,500
509,217
Food
Products
0.2%
g
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
6.122%,
(6-month
SOFR
+
2.25%),
9/30/32
.....................
United
States
590,000
590,044
g
Ground
Transportation
0.3%
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.422%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
296,250
296,158
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4,
6.922%,
(1-month
SOFR
+
3.25%),
1/25/29
......
United
States
588,506
583,651
879,809
a
a
a
a
a
a
g
Health
Care
Equipment
&
Supplies
0.5%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.422%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
972,681
981,192
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
g
Health
Care
Equipment
&
Supplies
(continued)
i
Hologic,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.755%,
(12-month
SOFR
+
2.25%),
1/14/33
............................
United
States
580,000
$
576,485
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
CME
Term
Loan,
5.422%,
(1-month
SOFR
+
1.75%),
10/23/28
........
United
States
73,788
74,051
1,631,728
a
a
a
a
a
a
Health
Care
Providers
&
Services
0.1%
g
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.172%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
451,979
451,877
g
Hotels,
Restaurants
&
Leisure
0.7%
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.922%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
486,338
484,027
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.966%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
465,244
464,818
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.422%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
235,200
235,259
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.445%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
435,000
426,572
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
B,
6.172%,
(1-month
SOFR
+
2.5%),
12/16/30
.......
United
States
582,465
583,193
2,193,869
a
a
a
a
a
a
Household
Durables
0.1%
g
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.672%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
397,421
397,090
g
Insurance
0.3%
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.172%,
(1-month
SOFR
+
2.5%),
9/19/31
..........
United
States
432,338
431,595
CRC
Insurance
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.422%,
(3-month
SOFR
+
2.75%),
5/06/31
..............
United
States
590,000
589,448
1,021,043
a
a
a
a
a
a
IT
Services
0.1%
g
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
6.172%,
(3-month
SOFR
+
2.5%),
2/03/31
......................
United
States
200,631
197,872
g
Machinery
0.4%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.161%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
847,552
850,468
i
Columbus
McKinnon
Corp.,
First
Lien,
CME
Term
Loan,
B,
6.924%,
(12-month
SOFR
+
3.5%),
1/21/33
..............
United
States
83,989
83,569
CPM
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.2%,
(1-month
SOFR
+
4.5%),
9/28/28
......................
United
States
363,816
359,383
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
6.947%,
(6-month
SOFR
+
2.75%),
4/30/30
..............
Germany
289,416
290,484
1,583,904
a
a
a
a
a
a
g
Media
0.3%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.786%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
370,000
370,860
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.178%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
853,654
856,082
1,226,942
a
a
a
a
a
a
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
g
Oil,
Gas
&
Consumable
Fuels
0.6%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.421%,
(1-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
1,510,378
$
1,506,292
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.316%,
(1-month
SOFR
+
3.5%),
11/09/29
.....................
United
States
588,483
587,960
2,094,252
a
a
a
a
a
a
g
Passenger
Airlines
0.3%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.918%,
(3-month
SOFR
+
3.25%),
5/28/32
.....
United
States
44,663
44,802
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.918%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
766,982
768,581
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.422%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
368,437
366,940
1,180,323
a
a
a
a
a
a
g
Pharmaceuticals
0.3%
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.422%,
(1-month
SOFR
+
3.75%),
4/23/31
.....
United
States
382,098
382,814
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.173%,
(1-month
SOFR
+
2.5%),
12/04/31
.....
United
States
588,525
588,896
971,710
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.1%
g
Altar
Bidco
,
Inc.,
First
Lien,
CME
Term
Loan,
6.783%,
(12-month
SOFR
+
3.1%),
2/01/29
.............................
United
States
488,361
483,356
g
Software
0.7%
EverCommerce
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
5.922%,
(1-month
SOFR
+
2.25%),
7/07/31
..............
United
States
598,438
592,453
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.672%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
478,950
425,667
Ping
Identity
Holding
Corp.,
First
Lien,
Initial
CME
Term
Loan,
6.591%,
(3-month
SOFR
+
2.75%),
11/15/32
.............
United
States
142,180
141,292
Proofpoint,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
6.672%,
(3-month
SOFR
+
3%),
8/31/28
................
United
States
516,760
514,016
i
Tuple
US
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B,
7.261%,
(12-month
SOFR
+
3.75%),
1/14/33
....................
United
States
285,963
283,103
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.167%,
(3-month
SOFR
+
2.5%),
2/10/31
.............................
United
States
454,262
443,945
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.672%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
204,197
203,431
2,603,907
a
a
a
a
a
a
Specialty
Retail
0.3%
g
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.966%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
1,024,380
1,023,832
Textiles,
Apparel
&
Luxury
Goods
0.1%
g
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.354%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
433,379
389,066
Trading
Companies
&
Distributors
0.0%
g
DXP
Enterprises,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.966%,
(1-month
SOFR
+
3.25%),
10/11/30
....................
United
States
144,638
145,758
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
Water
Utilities
0.0%
g
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.438%,
(1-month
SOFR
+
2.75%),
10/01/32
.............
United
States
119,332
$
119,854
Total
Senior
Floating
Rate
Interests
(Cost
$28,235,363)
........................
28,223,191
Foreign
Government
and
Agency
Securities
9.9%
b
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
800,000
784,670
b
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
900,000
819,839
b
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
850,000
EUR
950,471
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
1,660,000
1,590,197
Senior
Bond,
6%,
10/20/33
...........................
Brazil
390,000
395,109
b
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
260,000
257,010
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
360,000
EUR
440,730
b
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
500,000
EUR
521,106
Chile
Government
Bond
,
Senior
Note,
4.85%,
1/22/29
.........................
Chile
720,000
734,580
Colombia
Government
Bond
,
Senior
Bond,
8%,
11/14/35
...........................
Colombia
967,000
1,034,594
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
410,000
EUR
479,950
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
560,000
585,626
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
760,000
779,760
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
820,000
786,979
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
800,000
813,656
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
440,000
395,666
b
Egypt
Government
Bond
,
Senior
Bond,
Reg
S,
7.6%,
3/01/29
....................
Egypt
930,000
978,743
Senior
Note,
144A,
8.625%,
2/04/30
....................
Egypt
700,000
764,063
b
El
Salvador
Government
Bond
,
Senior
Bond,
144A,
7.65%,
6/15/35
....................
El
Salvador
380,000
395,200
Senior
Bond,
Reg
S,
8.625%,
2/28/29
..................
El
Salvador
360,000
387,850
b,k
Electricite
de
France
SA
,
Junior
Sub
.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
535,000
633,529
b
Gabon
Government
Bond
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
Gabon
590,000
504,399
b
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
400,000
366,206
b
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
1,110,000
1,189,065
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
400,000
438,150
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
740,000
754,913
b
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
4.35
%
,
1/08/27
Indonesia
900,000
905,321
b
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
640,000
637,711
b
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
650,000
715,620
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
4.875
%
,
1/30/32
.........................................
Ivory
Coast
1,010,000
EUR
1,181,732
b
Jordan
Government
Bond
,
Senior
Note
,
Reg
S,
7.5
%
,
1/13/29
..
Jordan
450,000
472,685
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.....
Mexico
300,000
266,580
b
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
620,000
EUR
756,460
b
Nigeria
Government
Bond
,
Senior
Bond
,
144A,
8.631
%
,
1/13/36
Nigeria
740,000
791,637
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Panama
Government
Bond
,
Senior
Note
,
7.5
%
,
3/01/31
......
Panama
780,000
$
860,847
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
1,620,000
1,524,420
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
950,000
879,082
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
460,000
459,545
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
890,000
866,133
b,i
Provincia
de
Cordoba
Argentina
,
Senior
Note
,
144A,
8.6
%
,
2/03/35
.........................................
Argentina
200,000
196,285
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
1,010,000
EUR
1,224,798
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
1,000,000
986,597
b
Serbia
Government
Bond
,
Senior
Bond,
Reg
S,
6.5%,
9/26/33
....................
Serbia
430,000
463,344
Senior
Note,
Reg
S,
6.25%,
5/26/28
....................
Serbia
510,000
528,969
South
Africa
Government
Bond
,
Senior
Bond
,
5.875
%
,
4/20/32
.
South
Africa
770,000
790,372
b
Southern
Gas
Corridor
CJSC
,
Senior
Bond
,
Reg
S,
6.875
%
,
3/24/26
.........................................
Azerbaijan
800,000
805,059
b
Suriname
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
11/06/35
Suriname
300,000
323,613
Turkiye
Government
Bond
,
Senior
Note,
9.125%,
7/13/30
.........................
Turkiye
1,260,000
1,429,428
b
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
720,000
775,552
Total
Foreign
Government
and
Agency
Securities
(Cost
$33,681,535)
............
35,623,851
U.S.
Government
and
Agency
Securities
0.0%
l
U.S.
Treasury
Notes
,
4.125
%,
11/30/31
...................
United
States
140,000
141,607
Total
U.S.
Government
and
Agency
Securities
(Cost
$141,607)
..................
141,607
Asset-Backed
Securities
1.6%
Financial
Services
1.6%
b,g
Black
Diamond
CLO
Ltd.
,
2024-1A
,
D1
,
144A,
FRN
,
8.118
%
,
(
3-month
SOFR
+
4.45
%
),
10/25/37
.
...................
Jersey
900,000
909,286
g
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2007-AMC3
,
A2D
,
FRN
,
4.137
%
,
(
1-month
SOFR
+
0.464
%
),
3/25/37
.
.............
United
States
1,366,039
1,210,727
b
DataBank
Issuer
II
LLC
,
2025-1A
,
A2
,
144A,
5.18
%
,
9/27/55
.
...
United
States
703,000
694,847
b
Lendbuzz
Securitization
Trust
,
2026-1A,
C,
144A,
5.74%,
9/15/31
.....................
United
States
193,000
193,888
2026-1A,
D,
144A,
6.86%,
2/15/33
.....................
United
States
291,000
292,274
b
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
546,000
460,018
b,g
Northwoods
Capital
22
Ltd.
,
2020-22A
,
DRR
,
144A,
FRN
,
8.656
%
,
(
3-month
SOFR
+
4.95
%
),
9/16/31
.
..............
United
States
900,000
913,025
b
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
239,648
240,110
b,i
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
681,000
684,937
b
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
218,000
218,544
5,817,656
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$5,740,279)
..............................
5,817,656
Commercial
Mortgage-Backed
Securities
8.3%
Financial
Services
8.3%
m,n
BANK
,
2024-BNK48
,
XA
,
IO,
FRN
,
1.144
%
,
10/15/57
........
United
States
9,668,340
765,336
m,n
BANK5
Trust
,
2024-5YR10,
XA,
IO,
FRN,
1.188%,
10/15/57
.............
United
States
14,837,464
564,537
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
m,n
BANK5
Trust,
(continued)
2024-5YR12,
XA,
IO,
FRN,
0.497%,
12/15/57
.............
United
States
11,025,582
$
193,594
2024-5YR7,
XA,
IO,
FRN,
1.334%,
6/15/57
..............
United
States
10,893,015
427,090
m,n
BBCMS
Mortgage
Trust
,
2022-C14,
XA,
IO,
FRN,
0.684%,
2/15/55
................
United
States
10,361,927
320,126
2024-5C29,
XA,
IO,
FRN,
1.581%,
9/15/57
...............
United
States
16,309,193
819,015
2024-5C31,
XA,
IO,
FRN,
1.061%,
12/15/57
..............
United
States
4,846,899
175,717
2024-C26,
XA,
IO,
FRN,
1.013%,
5/15/57
................
United
States
5,698,183
394,173
m,n
Benchmark
Mortgage
Trust
,
2024-V10,
XA,
IO,
FRN,
1.305%,
9/15/57
................
United
States
14,078,726
579,614
2024-V11,
XA,
IO,
FRN,
0.56%,
11/15/57
................
United
States
20,386,517
399,511
m,n
BMO
Mortgage
Trust
,
2024-5C6,
XA,
IO,
FRN,
1.353%,
9/15/57
................
United
States
12,360,576
508,269
2024-5C8,
XA,
IO,
FRN,
1.021%,
12/15/57
...............
United
States
5,934,222
214,469
b,n
BWAY
Mortgage
Trust
,
2022-26BW
,
E
,
144A,
FRN
,
4.866
%
,
2/10/44
.........................................
United
States
665,000
371,174
n
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
1,032,000
990,736
CFCRE
Commercial
Mortgage
Trust
,
b,n
2011-C2,
E,
144A,
FRN,
5.08%,
12/15/47
................
United
States
424,000
403,343
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
908,000
902,628
Citigroup
Commercial
Mortgage
Trust
,
b,n
2015-GC27,
D,
144A,
FRN,
4.376%,
2/10/48
.............
United
States
790,531
780,130
n
2015-GC33,
C,
FRN,
4.335%,
9/10/58
..................
United
States
471,000
412,836
2015-GC33,
D,
3.172%,
9/10/58
.......................
United
States
221,000
140,887
COMM
Mortgage
Trust
,
b,d,n
2012-CR3,
F,
144A,
FRN,
4.75%,
10/15/45
...............
United
States
424,048
26,014
2013-CR12,
AM,
4.3%,
10/10/46
......................
United
States
372,766
354,167
b,n
2013-CR13,
D,
144A,
FRN,
5.102%,
11/10/46
............
United
States
1,233,000
671,973
n
2014-CR16,
C,
FRN,
4.793%,
4/10/47
..................
United
States
912,000
869,820
b,n
2014-CR17,
D,
144A,
FRN,
4.93%,
5/10/47
..............
United
States
725,000
614,800
n
2014-CR20,
C,
FRN,
4.734%,
11/10/47
.................
United
States
679,202
659,371
n
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
333,005
328,935
n
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
354,309
341,024
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
232,758
229,255
n
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
906,000
869,053
b,n
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.382
%
,
8/10/44
.........................................
United
States
424,791
415,498
n
GS
Mortgage
Securities
Trust
,
b
2013-GC13,
AS,
144A,
FRN,
3.858%,
7/10/46
............
United
States
277,764
274,396
b
2013-GC13,
B,
144A,
FRN,
3.858%,
7/10/46
.............
United
States
551,000
538,947
2014-GC24,
B,
FRN,
4.497%,
9/10/47
..................
United
States
1,080,000
1,050,452
b
2014-GC24,
D,
144A,
FRN,
4.518%,
9/10/47
.............
United
States
485,000
334,650
m
2019-GC42,
XA,
IO,
FRN,
0.806%,
9/10/52
..............
United
States
13,617,314
331,712
n
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b
2007-CB20,
E,
144A,
FRN,
8.668%,
2/12/51
.............
United
States
13,585
19,217
b
2012-C6,
E,
144A,
FRN,
4.964%,
5/15/45
...............
United
States
432,000
427,162
2013-LC11,
D,
FRN,
4.331%,
4/15/46
...................
United
States
122,593
1,287
JPMBB
Commercial
Mortgage
Securities
Trust
,
n
2013-C12,
D,
FRN,
3.981%,
7/15/45
...................
United
States
521,000
489,284
b,n
2013-C14,
D,
144A,
FRN,
4.09%,
8/15/46
...............
United
States
500,000
400,250
b,n
2014-C18,
D,
144A,
FRN,
4.525%,
2/15/47
..............
United
States
513,000
470,547
n
2014-C23,
B,
FRN,
4.536%,
9/15/47
...................
United
States
364,000
358,132
n
2014-C23,
C,
FRN,
4.536%,
9/15/47
...................
United
States
436,000
424,720
b,n
2014-C23,
D,
144A,
FRN,
4.036%,
9/15/47
..............
United
States
287,000
264,184
2016-C1,
A5,
3.576%,
3/17/49
........................
United
States
53,891
53,796
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8,
B,
4.522%,
6/15/51
.........................
United
States
504,000
$
482,111
n
2018-C8,
C,
FRN,
4.755%,
6/15/51
....................
United
States
402,000
366,425
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
1,149,000
1,135,882
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
n
2013-C10,
B,
FRN,
3.952%,
7/15/46
...................
United
States
338,710
323,655
b,n
2013-C10,
F,
144A,
FRN,
3.952%,
7/15/46
...............
United
States
1,988,000
257,985
b,n
2013-C12,
D,
144A,
FRN,
4.746%,
10/15/46
.............
United
States
416,000
388,652
n
2015-C22,
C,
FRN,
3.973%,
4/15/48
...................
United
States
1,263,000
1,119,138
b
2015-C26,
D,
144A,
3.06%,
10/15/48
...................
United
States
623,251
598,983
n
Morgan
Stanley
Capital
I
Trust
,
2016-UB11,
C,
FRN,
3.691%,
8/15/49
..................
United
States
663,000
653,441
2018-H3,
C,
FRN,
4.859%,
7/15/51
....................
United
States
404,000
385,250
SG
Commercial
Mortgage
Securities
Trust
,
2016-C5
,
A4
,
3.055
%
,
10/10/48
........................................
United
States
1,034,000
1,025,915
b,d
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
1,081,996
126
n
UBS
Commercial
Mortgage
Trust
,
2017-C3
,
C
,
FRN
,
4.355
%
,
8/15/50
.........................................
United
States
498,000
469,584
b,n
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.217
%
,
7/10/36
.........
United
States
358,000
362,868
Wells
Fargo
Commercial
Mortgage
Trust
,
b,n
2013-LC12,
D,
144A,
FRN,
3.79%,
7/15/46
..............
United
States
356,000
242,974
b
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................
United
States
616,431
74,602
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
262,000
237,112
m,n
2019-C52,
XA,
IO,
FRN,
1.564%,
8/15/52
................
United
States
6,688,085
286,859
m,n
2024-5C1,
XA,
IO,
FRN,
1.026%,
7/15/57
................
United
States
6,393,192
189,866
n
WFRBS
Commercial
Mortgage
Trust
,
b
2013-C15,
D,
144A,
FRN,
4.505%,
8/15/46
..............
United
States
515,444
360,811
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................
United
States
365,000
346,339
2014-C23,
B,
FRN,
4.278%,
10/15/57
...................
United
States
275,000
266,703
29,757,112
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$30,960,012)
..............
29,757,112
Mortgage-Backed
Securities
42.0%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
36.6%
FNMA,
30
Year,
5%,
1/01/49
-
8/01/49
....................
United
States
98,031
99,677
o
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
2/25/56
.....
United
States
6,000,000
5,093,911
o
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
2/25/56
......
United
States
2,000,000
1,772,999
o
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
2/25/56
......
United
States
4,000,000
4,008,125
o
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
2/25/56
.....
United
States
111,000,000
112,561,410
o
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
2/25/56
......
United
States
8,000,000
8,193,086
131,729,208
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
5.4%
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/49
-
3/20/50
......
United
States
311,699
283,237
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/49
-
1/20/50
.....
United
States
74,360
72,401
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
...............
United
States
82,997
83,931
o
GNMA
II,
Single-family,
30
Year,
5%,
2/15/56
...............
United
States
8,000,000
7,999,972
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/49
.............
United
States
32,075
32,779
o
GNMA
II,
Single-family,
30
Year,
5.5%,
2/15/56
.............
United
States
11,000,000
11,121,871
19,594,191
Total
Mortgage-Backed
Securities
(Cost
$151,403,355)
.........................
151,323,399
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
9.2%
Financial
Services
9.2%
b
A&D
Mortgage
Trust
,
2024-NQM1
,
A1
,
144A,
6.195
%
,
2/25/69
.
United
States
1,090,826
$
1,104,355
Alternative
Loan
Trust
,
g
2005-38,
A3,
FRN,
4.487%,
(1-month
SOFR
+
0.814%),
9/25/35
United
States
320,038
291,528
g
2005-59,
1A1,
FRN,
4.448%,
(1-month
SOFR
+
0.774%),
11/20/35
........................................
United
States
847,172
831,042
g
2006-OA10,
1A1,
FRN,
4.628%,
(12-month
average
of
1-year
CMT
+
0.96%),
8/25/46
.............................
United
States
176,012
162,584
g
2006-OA10,
3A1,
FRN,
4.167%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
400,663
377,210
g
2006-OA10,
4A1,
FRN,
4.167%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
2,164,104
1,923,281
n
2006-OA7,
1A1,
FRN,
3.087%,
6/25/46
.................
United
States
727,635
678,582
g
2006-OA7,
1A2,
FRN,
4.608%,
(12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
246,823
247,232
g
2007-OH1,
A1D,
FRN,
3.997%,
(1-month
SOFR
+
0.324%),
4/25/47
.........................................
United
States
298,760
267,668
g
American
Home
Mortgage
Investment
Trust
,
2007-1
,
GA1C
,
FRN
,
3.977
%
,
(
1-month
SOFR
+
0.304
%
),
5/25/47
.............
United
States
571,456
346,867
g
Bear
Stearns
ALT-A
Trust
,
2005-10
,
11A1
,
FRN
,
4.287
%
,
(
1-month
SOFR
+
0.614
%
),
1/25/36
....................
United
States
79,418
76,188
b,g
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
3.967
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
...................
United
States
405,195
369,116
b,n
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
2017-3,
M2,
144A,
FRN,
4.75%,
7/25/56
................
United
States
324,003
320,883
2019-2,
M,
144A,
FRN,
4.75%,
8/25/58
.................
United
States
641,782
629,172
2019-4,
M,
144A,
FRN,
4.5%,
2/25/59
..................
United
States
334,849
323,766
b,g
FHLMC
STACR
REMIC
Trust
,
2020-DNA4,
B2,
144A,
FRN,
13.812%,
(30-day
SOFR
Average
+
10.114%),
8/25/50
................................
United
States
966,000
1,287,285
2020-DNA5,
B2,
144A,
FRN,
15.197%,
(30-day
SOFR
Average
+
11.5%),
10/25/50
.................................
United
States
491,000
684,267
2020-HQA2,
B2,
144A,
FRN,
11.412%,
(30-day
SOFR
Average
+
7.714%),
3/25/50
................................
United
States
625,000
757,231
2020-HQA3,
B2,
144A,
FRN,
13.812%,
(30-day
SOFR
Average
+
10.114%),
7/25/50
................................
United
States
1,027,000
1,356,277
2021-DNA3,
B2,
144A,
FRN,
9.947%,
(30-day
SOFR
Average
+
6.25%),
10/25/33
..................................
United
States
299,000
380,593
2022-DNA2,
M2,
144A,
FRN,
7.447%,
(30-day
SOFR
Average
+
3.75%),
2/25/42
.................................
United
States
450,000
463,203
2023-HQA2,
M1B,
144A,
FRN,
7.047%,
(30-day
SOFR
Average
+
3.35%),
6/25/43
.................................
United
States
700,000
721,233
b,g
FHLMC
STACR
Trust
,
2018-DNA3,
B2,
144A,
FRN,
11.562%,
(30-day
SOFR
Average
+
7.864%),
9/25/48
................................
United
States
389,000
444,266
2018-HQA2,
B2,
144A,
FRN,
14.812%,
(30-day
SOFR
Average
+
11.114%),
10/25/48
...............................
United
States
1,619,000
2,000,945
2019-DNA1,
B2,
144A,
FRN,
14.562%,
(30-day
SOFR
Average
+
10.864%),
1/25/49
................................
United
States
315,000
391,530
2019-HQA1,
B2,
144A,
FRN,
16.062%,
(30-day
SOFR
Average
+
12.364%),
2/25/49
................................
United
States
254,000
308,711
2019-HQA2,
B2,
144A,
FRN,
15.062%,
(30-day
SOFR
Average
+
11.364%),
4/25/49
................................
United
States
298,000
357,737
g
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01,
1B,
FRN,
15.562%,
(30-day
SOFR
Average
+
11.864%),
8/25/28
.................................
United
States
824,888
830,095
2016-C02,
1B,
FRN,
16.062%,
(30-day
SOFR
Average
+
12.364%),
9/25/28
.................................
United
States
2,289,966
2,325,113
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
g
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
2016-C03,
1B,
FRN,
15.562%,
(30-day
SOFR
Average
+
11.864%),
10/25/28
................................
United
States
1,280,375
$
1,309,860
2016-C03,
2B,
FRN,
16.562%,
(30-day
SOFR
Average
+
12.864%),
10/25/28
................................
United
States
237,505
243,472
2016-C04,
1B,
FRN,
14.062%,
(30-day
SOFR
Average
+
10.364%),
1/25/29
.................................
United
States
265,307
276,014
2016-C05,
2B,
FRN,
14.562%,
(30-day
SOFR
Average
+
10.864%),
1/25/29
.................................
United
States
265,259
275,969
2016-C06,
1B,
FRN,
13.062%,
(30-day
SOFR
Average
+
9.364%),
4/25/29
..................................
United
States
393,628
414,295
b
2020-R01,
1B1,
144A,
FRN,
7.062%,
(30-day
SOFR
Average
+
3.364%),
1/25/40
..................................
United
States
459,000
468,105
b
2020-SBT1,
1B1,
144A,
FRN,
10.562%,
(30-day
SOFR
Average
+
6.864%),
2/25/40
................................
United
States
355,000
372,917
b
2022-R02,
2B1,
144A,
FRN,
8.197%,
(30-day
SOFR
Average
+
4.5%),
1/25/42
....................................
United
States
402,000
415,244
b
2022-R02,
2M2,
144A,
FRN,
6.697%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
1,632,606
1,660,312
g
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.097
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
....................
United
States
477,364
265,074
g
HarborView
Mortgage
Loan
Trust
,
2005-2
,
1A
,
FRN
,
4.31
%
,
(
1-month
SOFR
+
0.634
%
),
5/19/35
....................
United
States
400,258
106,086
b,g
Home
RE
Ltd.
,
2021-2
,
B1
,
144A,
FRN
,
7.847
%
,
(
30-day
SOFR
Average
+
4.15
%
),
1/25/34
...........................
United
States
300,000
304,531
b,g
J.P.
Morgan
Mortgage
Trust
,
2024-9,
A11,
144A,
FRN,
5.047%,
(30-day
SOFR
Average
+
1.35%),
2/25/55
...................................
United
States
287,928
289,272
2025-2,
A11,
144A,
FRN,
4.947%,
(30-day
SOFR
Average
+
1.25%),
7/25/55
...................................
United
States
381,676
383,463
MFA
Trust
,
2024-NPL1
,
A1
,
6.33
%
,
9/25/54
................
United
States
597,025
598,385
b,g
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
2.972
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
.............
United
States
315,732
306,715
b,g
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-4
,
AF
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/54
United
States
157,004
157,494
g
MortgageIT
Trust
,
2005-3
,
M2
,
FRN
,
4.582
%
,
(
1-month
SOFR
+
0.909
%
),
8/25/35
..................................
United
States
45,162
44,272
b
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
246,290
246,168
b
Saluda
Grade
Alternative
Mortgage
Trust
,
2024-RTL4,
A1,
144A,
7.5%,
2/25/30
...................
United
States
1,227,000
1,228,185
2024-RTL5,
A1,
144A,
7.762%,
4/25/30
.................
United
States
1,400,000
1,409,788
g
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR1
,
2A1
,
FRN
,
4.147
%
,
(
1-month
SOFR
+
0.474
%
),
1/25/37
.........
United
States
443,273
402,278
b,n
Towd
Point
Mortgage
Trust
,
2018-5,
M1,
144A,
FRN,
3.25%,
7/25/58
................
United
States
815,000
696,635
2019-2,
A2,
144A,
FRN,
3.75%,
12/25/58
................
United
States
1,033,000
951,466
g
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C3
,
FRN
,
4.767
%
,
(
1-month
SOFR
+
1.094
%
),
10/25/45
..
United
States
166,230
160,995
33,244,955
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$31,431,616)
...............
33,244,955
Agency
Commercial
Mortgage-Backed
Securities
12.6%
Financial
Services
12.6%
m
FHLMC
,
304,
C37,
IO,
3.5%,
12/15/27
.........................
United
States
18,702
289
4000,
PI,
IO,
4.5%,
1/15/42
..........................
United
States
243,557
31,688
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
m
FHLMC,
(continued)
4077,
IK,
IO,
5%,
7/15/42
............................
United
States
737,773
$
155,103
4105,
HI,
IO,
3.5%,
7/15/41
..........................
United
States
243,738
11,454
g
4839,
WS,
IO,
FRN,
2.278%,
(30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
4,154,776
566,956
g
4945,
SL,
IO,
FRN,
2.238%,
(30-day
SOFR
Average
+
5.936%),
1/25/50
.........................................
United
States
3,969,623
466,094
4984,
IL,
IO,
4.5%,
6/25/50
...........................
United
States
3,956,311
827,827
g
5002,
SJ,
IO,
FRN,
2.288%,
(30-day
SOFR
Average
+
5.986%),
7/25/50
.........................................
United
States
6,075,161
713,794
g
5011,
SA,
IO,
FRN,
2.438%,
(30-day
SOFR
Average
+
6.136%),
9/25/50
.........................................
United
States
6,583,238
828,828
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
7,583,011
1,789,191
5093,
YI,
IO,
4.5%,
12/25/50
.........................
United
States
3,160,785
746,006
5134,
IC,
IO,
4%,
8/25/51
............................
United
States
6,402,274
1,270,710
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
3,709,734
781,950
b,g
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN1,
M2,
144A,
FRN,
7.447%,
(30-day
SOFR
Average
+
3.75%),
1/25/51
...................................
United
States
555,000
577,678
2021-MN3,
M2,
144A,
FRN,
7.697%,
(30-day
SOFR
Average
+
4%),
11/25/51
....................................
United
States
1,746,000
1,812,655
m
FNMA
,
g
2010-35,
SG,
IO,
FRN,
2.588%,
(30-day
SOFR
Average
+
6.286%),
4/25/40
..................................
United
States
446,346
49,480
g
2011-101,
SA,
IO,
FRN,
2.088%,
(30-day
SOFR
Average
+
5.786%),
10/25/41
.................................
United
States
1,022,423
98,308
2012-127,
BI,
IO,
4.5%,
11/25/42
......................
United
States
225,158
46,014
2015-30,
IO,
5.5%,
5/25/45
..........................
United
States
1,696,362
223,868
2016-3,
NI,
IO,
6%,
2/25/46
..........................
United
States
1,135,152
159,537
g
2017-32,
SA,
IO,
FRN,
2.338%,
(30-day
SOFR
Average
+
6.036%),
5/25/47
..................................
United
States
5,113,803
560,534
g
2018-20,
SB,
IO,
FRN,
2.438%,
(30-day
SOFR
Average
+
6.136%),
3/25/48
..................................
United
States
2,321,198
221,423
g
2018-38,
SA,
IO,
FRN,
2.388%,
(30-day
SOFR
Average
+
6.086%),
6/25/48
..................................
United
States
4,309,457
505,020
g
2019-43,
JS,
IO,
FRN,
2.238%,
(30-day
SOFR
Average
+
5.936%),
8/25/49
..................................
United
States
2,256,648
228,536
g
2019-61,
S,
IO,
FRN,
2.188%,
(30-day
SOFR
Average
+
5.886%),
11/25/49
.................................
United
States
4,683,068
626,113
2020-76,
BI,
IO,
4.5%,
11/25/50
.......................
United
States
5,692,940
1,298,997
2021-14,
CI,
IO,
4.5%,
11/25/49
.......................
United
States
7,542,337
1,682,981
374,
6,
IO,
5.5%,
8/25/36
............................
United
States
57,537
9,197
378,
19,
IO,
5%,
Strip,
6/25/35
........................
United
States
151,574
20,380
427,
C93,
IO,
4.5%,
8/25/42
..........................
United
States
5,481,147
946,588
b,g
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01,
M10,
144A,
FRN,
7.062%,
(30-day
SOFR
Average
+
3.364%),
10/25/49
.................................
United
States
908,938
924,832
2020-01,
M10,
144A,
FRN,
7.562%,
(30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
1,300,224
1,322,734
m
GNMA
,
2012-113,
ID,
IO,
3.5%,
9/20/42
.......................
United
States
649,193
94,745
2012-128,
IA,
IO,
3.5%,
10/20/42
......................
United
States
1,555,088
252,705
2012-140,
IC,
IO,
3.5%,
11/20/42
......................
United
States
1,561,500
253,762
2012-146,
IO,
5%,
12/20/42
..........................
United
States
413,096
88,160
2013-34,
IH,
IO,
4.5%,
3/20/43
........................
United
States
812,520
153,393
n
2013-H08,
CI,
IO,
FRN,
1.477%,
2/20/63
................
United
States
1,218,631
43,342
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
m
GNMA,
(continued)
g
2014-119,
SA,
IO,
FRN,
1.81%,
(1-month
SOFR
+
5.486%),
8/20/44
.........................................
United
States
1,209,980
$
119,200
g
2014-60,
SD,
IO,
FRN,
2.39%,
(1-month
SOFR
+
6.066%),
4/20/44
.........................................
United
States
2,861,541
354,408
2014-76,
IO,
5%,
5/20/44
............................
United
States
576,843
119,848
n
2014-H21,
BI,
IO,
FRN,
1.534%,
10/20/64
...............
United
States
1,787,228
45,657
2015-52,
KI,
IO,
3.5%,
11/20/40
.......................
United
States
465,077
15,360
2015-53,
MI,
IO,
4%,
4/16/45
.........................
United
States
1,382,890
272,884
2015-64,
YI,
IO,
4%,
11/20/44
........................
United
States
855,164
125,458
2015-79,
GI,
IO,
5%,
10/20/39
........................
United
States
346,945
71,106
n
2015-H10,
BI,
IO,
FRN,
2.419%,
4/20/65
................
United
States
1,282,959
61,954
n
2015-H20,
AI,
IO,
FRN,
1.811%,
8/20/65
................
United
States
1,221,096
44,400
n
2015-H20,
CI,
IO,
FRN,
2.215%,
8/20/65
................
United
States
1,728,371
87,746
n
2015-H23,
BI,
IO,
FRN,
1.749%,
9/20/65
................
United
States
1,395,781
36,495
n
2015-H25,
EI,
IO,
FRN,
1.861%,
10/20/65
...............
United
States
780,803
29,341
2016-42,
IO,
5%,
2/20/46
............................
United
States
1,403,080
275,480
n
2016-H03,
AI,
IO,
FRN,
2.002%,
1/20/66
................
United
States
4,308,072
185,079
n
2016-H03,
DI,
IO,
FRN,
1.967%,
12/20/65
...............
United
States
886,411
28,204
n
2016-H06,
DI,
IO,
FRN,
1.901%,
7/20/65
................
United
States
2,500,909
105,343
n
2016-H09,
BI,
IO,
FRN,
2.312%,
4/20/66
................
United
States
2,105,440
85,647
n
2016-H10,
AI,
IO,
FRN,
1.761%,
4/20/66
................
United
States
2,928,122
87,050
n
2016-H18,
QI,
IO,
FRN,
2.659%,
6/20/66
................
United
States
1,178,930
66,660
n
2016-H22,
AI,
IO,
FRN,
2.417%,
10/20/66
...............
United
States
1,611,087
82,873
n
2016-H23,
NI,
IO,
FRN,
2.409%,
10/20/66
...............
United
States
4,650,399
224,921
n
2016-H24,
CI,
IO,
FRN,
1.636%,
10/20/66
...............
United
States
1,038,931
26,838
2017-26,
MI,
IO,
5%,
11/20/39
........................
United
States
1,949,746
370,515
2017-42,
IC,
IO,
4.5%,
8/20/41
........................
United
States
723,287
134,783
n
2017-H02,
BI,
IO,
FRN,
1.952%,
1/20/67
................
United
States
1,234,918
51,049
n
2017-H06,
BI,
IO,
FRN,
2.312%,
2/20/67
................
United
States
1,884,324
66,196
n
2017-H08,
NI,
IO,
FRN,
2.176%,
3/20/67
................
United
States
2,840,591
93,264
n
2017-H09,
IO,
FRN,
1.878%,
4/20/67
...................
United
States
3,385,164
98,305
n
2017-H11,
DI,
IO,
FRN,
2.074%,
5/20/67
................
United
States
2,066,776
102,950
n
2017-H12,
QI,
IO,
FRN,
2.362%,
5/20/67
................
United
States
1,941,843
73,081
n
2017-H16,
IG,
IO,
FRN,
1.829%,
7/20/67
................
United
States
4,734,667
122,841
n
2017-H16,
JI,
IO,
FRN,
2.403%,
8/20/67
.................
United
States
6,223,738
257,009
n
2017-H19,
MI,
IO,
FRN,
2.053%,
4/20/67
................
United
States
1,197,949
43,089
2018-127,
IC,
IO,
5%,
10/20/44
.......................
United
States
2,451,055
485,756
2018-94,
AI,
IO,
4.5%,
7/20/48
........................
United
States
1,024,324
211,999
n
2018-H02,
EI,
IO,
FRN,
1.882%,
1/20/68
................
United
States
5,347,175
224,961
n
2018-H05,
BI,
IO,
FRN,
2.082%,
2/20/68
................
United
States
3,413,894
143,114
n
2018-H15,
KI,
IO,
FRN,
2.156%,
8/20/68
................
United
States
2,461,652
87,492
g
2019-110,
SQ,
IO,
FRN,
2.26%,
(1-month
SOFR
+
5.936%),
9/20/49
.........................................
United
States
3,472,023
386,749
g
2019-152,
ES,
IO,
FRN,
2.26%,
(1-month
SOFR
+
5.936%),
12/20/49
........................................
United
States
2,104,924
241,033
g
2019-83,
SY,
IO,
FRN,
2.31%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
3,121,641
368,267
g
2019-89,
PS,
IO,
FRN,
2.31%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
3,849,377
476,493
g
2019-96,
SY,
IO,
FRN,
2.31%,
(1-month
SOFR
+
5.986%),
8/20/49
.........................................
United
States
3,537,344
427,068
2020-13,
AI,
IO,
4%,
3/20/46
.........................
United
States
7,346,760
972,812
2020-167,
PI,
IO,
3.5%,
11/20/50
......................
United
States
4,530,723
928,218
2020-175,
NI,
IO,
3%,
11/20/50
.......................
United
States
4,798,482
778,293
g
2020-63,
AS,
IO,
FRN,
2.21%,
(1-month
SOFR
+
5.886%),
8/20/43
.........................................
United
States
3,786,555
438,215
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
m
GNMA,
(continued)
g
2020-63,
PS,
IO,
FRN,
2.31%,
(1-month
SOFR
+
5.986%),
4/20/50
.........................................
United
States
4,499,125
$
565,656
g
2020-63,
SP,
IO,
FRN,
2.31%,
(1-month
SOFR
+
5.986%),
5/20/50
.........................................
United
States
3,541,649
431,113
g
2020-96,
KS,
IO,
FRN,
2.36%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
11,007,830
1,401,833
g
2020-97,
QS,
IO,
FRN,
2.36%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
3,047,822
408,725
g
2021-116,
ES,
IO,
FRN,
2.408%,
(1-month
SOFR
+
6.086%),
11/20/47
........................................
United
States
5,810,588
652,996
2021-122,
GI,
IO,
4.5%,
11/20/47
......................
United
States
5,988,223
1,373,163
2021-156,
IO,
3.5%,
7/20/51
.........................
United
States
7,359,673
1,399,831
2021-214,
AI,
IO,
4%,
12/20/51
.......................
United
States
4,603,533
929,405
2021-59,
IP,
IO,
3%,
4/20/51
.........................
United
States
6,162,035
1,051,286
g
2021-59,
SM,
IO,
FRN,
2.51%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
10,719,453
1,382,651
g
2021-59,
SQ,
IO,
FRN,
2.51%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
3,628,233
467,029
g
2021-77,
SM,
IO,
FRN,
2.51%,
(1-month
SOFR
+
6.186%),
5/20/51
.........................................
United
States
5,348,040
716,008
g
2021-98,
SK,
IO,
FRN,
2.51%,
(1-month
SOFR
+
6.186%),
6/20/51
.........................................
United
States
8,404,884
1,129,435
g
2023-35,
SH,
IO,
FRN,
2.747%,
(30-day
SOFR
Average
+
6.45%),
2/20/53
...................................
United
States
10,860,380
865,485
2024-186,
IO,
3%,
9/20/51
...........................
United
States
7,273,424
1,107,609
n
2024-32,
IO,
FRN,
0.7%,
6/16/63
......................
United
States
10,541,519
547,199
2024-4,
IG,
IO,
5%,
12/20/52
.........................
United
States
3,393,465
654,842
45,610,642
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$45,803,954)
.......
45,610,642
Total
Long
Term
Investments
(Cost
$449,493,414)
.............................
455,257,988
a
Short
Term
Investments
13.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
2.3%
Bank
of
America
NA,
4.25%,
3/02/26
.....................
United
States
1,750,000
1,750,656
p
Canadian
Imperial
Bank
of
Commerce,
3.95%,
2/09/26
.......
Canada
1,800,000
1,800,120
p
Toronto-Dominion
Bank
(The),
3.9%,
4/02/26
...............
Canada
1,850,000
1,850,564
Wells
Fargo
Bank
NA
,
3.75%,
12/17/26
....................................
United
States
1,500,000
1,499,838
3.8%,
9/16/26
......................................
United
States
1,500,000
1,500,819
3,000,657
Total
Certificates
of
Deposit
(Cost
$8,400,000)
................................
8,401,997
a
a
a
Commercial
Papers
4.6%
b,c
BPCE
SA
,
144A,
3.85%
,
2/26/26
........................
France
1,750,000
1,745,152
b,p
Commonwealth
Bank
of
Australia
,
144A,
4.03
%
,
4/09/26
.....
Australia
1,750,000
1,750,028
c
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
4.34%,
2/05/26
.....................................
France
1,750,000
1,748,945
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
c
Credit
Agricole
Corporate
and
Investment
Bank
SA,
(continued)
3.72%,
3/09/26
.....................................
France
1,900,000
$
1,892,761
3,641,706
c
NRW
Bank
,
b
144A,
4.04%,
2/09/26
................................
Germany
1,900,000
1,898,081
3.72%,
4/10/26
.....................................
Germany
1,750,000
1,737,614
3,635,695
b,p
Royal
Bank
of
Canada
,
144A,
3.92
%
,
3/23/26
..............
Canada
1,850,000
1,850,294
b,c
Societe
Generale
SA
,
144A,
3.85%
,
3/31/26
...............
France
1,875,000
1,863,229
b,c
Sumitomo
Mitsui
Trust
NY
,
144A,
3.83%
,
3/10/26
............
Japan
2,000,000
1,991,941
Total
Commercial
Papers
(Cost
$16,478,628)
.................................
16,478,045
a
a
a
U.S.
Government
and
Agency
Securities
0.3%
c,q
U.S.
Treasury
Bills,
3.54%,
7/16/26
......................
United
States
1,100,000
1,082,336
Total
U.S.
Government
and
Agency
Securities
(Cost
$1,082,291)
................
1,082,336
Shares
Management
Investment
Companies
4.9%
a,r
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......
United
States
17,757,912
17,757,912
Total
Management
Investment
Companies
(Cost
$17,757,912)
..................
17,757,912
Money
Market
Funds
1.1%
a,r
Putnam
Government
Money
Market
Fund,
Class
P,
3.484%
....
United
States
3,982,744
3,982,744
Total
Money
Market
Funds
(Cost
$3,982,744)
.................................
3,982,744
Total
Short
Term
Investments
(Cost
$47,701,575
)
..............................
47,703,034
a
Total
Investments
(Cost
$497,194,989)
139.5%
................................
$502,961,022
TBA
Sale
Commitments
(14.5)%
.............................................
(52,418,405)
Other
Assets,
less
Liabilities
(25.0)%
........................................
(89,988,749)
Net
Assets
100.0%
.........................................................
$360,553,868
a
a
a
Principal
Amount
*
s
TBA
Sale
Commitments
(14.5)%
Mortgage-Backed
Securities
(14.5)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(14.5)%
Uniform
Mortgage-Backed
Securities
,
4%,
TBA,
2/25/56
..................................
United
States
(1,000,000)
(955,165)
4.5%,
TBA,
2/25/56
................................
United
States
(27,000,000)
(26,455,978)
5%,
TBA,
2/25/56
..................................
United
States
(25,000,000)
(25,007,262)
Total
TBA
Sale
Commitments
(Proceeds
$(52,546,211))
........................
$(52,418,405)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
(
e
)
regarding
investments
in
affiliated
management
investment
companies.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$147,526,280,
representing
40.9%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
See
Note
1
(
f
)
regarding
senior
floating
rate
interests.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(d).
j
See
Note
8
regarding
unfunded
loan
commitments.
k
Perpetual
security
with
no
stated
maturity
date.
l
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
See
Note
1
(
e
).
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
o
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1
(
d
).
p
The
coupon
rate
shown
represents
the
rate
at
period
end.
q
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
January
31,
2026,
the
value
of
this
security
pledged
amounted
to
$859,965,
representing
0.2%
of
net
assets.
r
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
s
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
At
January
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
e
). 
At
January
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
e
). 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-
Bobl
..................................
Short
52
$
7,187,630
3/06/26
$
7,968
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
26
2,968,062
3/20/26
47,721
U.S.
Treasury
2
Year
Notes
.....................
Short
177
36,903,117
3/31/26
68,388
Total
Futures
Contracts
......................................................................
$124,077
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Japanese
Yen
......
BOFA
Buy
147,522,300
965,144
2/13/26
$
$
(11,122)
Japanese
Yen
......
GSCO
Buy
400,266,300
2,597,665
2/13/26
10,207
(19,361)
Japanese
Yen
......
HSBK
Buy
135,633,600
887,599
2/13/26
(10,460)
Japanese
Yen
......
TDOM
Buy
1,366,800
8,942
2/13/26
(103)
Japanese
Yen
......
UBSW
Buy
125,971,100
824,237
2/13/26
(9,586)
British
Pound
......
CITI
Sell
619,000
830,406
3/17/26
(16,558)
British
Pound
......
HSBK
Sell
1,016,100
1,357,677
3/17/26
(32,630)
Euro
.............
HSBK
Sell
10,340,400
12,183,247
3/17/26
(98,028)
Euro
.............
MSCO
Buy
481,900
563,195
3/17/26
9,157
Euro
.............
UBSW
Sell
241,500
284,468
3/17/26
(2,361)
Norwegian
Krone
...
MSCO
Sell
13,864,000
1,367,480
3/17/26
(71,828)
Swedish
Krona
.....
MSCO
Sell
14,243,300
1,542,079
3/17/26
(60,342)
Swiss
Franc
.......
TDOM
Buy
727,100
923,618
3/17/26
21,191
Swiss
Franc
.......
UBSW
Buy
1,818,000
2,309,824
3/17/26
52,523
Australian
Dollar
....
BZWS
Sell
221,400
147,964
4/15/26
(6,171)
Australian
Dollar
....
CITI
Sell
1,089,500
727,980
4/15/26
(30,511)
Australian
Dollar
....
HSBK
Sell
129,100
86,256
4/15/26
(3,622)
Australian
Dollar
....
JPHQ
Sell
1,591,100
1,063,109
4/15/26
(44,587)
Australian
Dollar
....
MSCO
Sell
1,705,500
1,139,523
4/15/26
(47,817)
Australian
Dollar
....
UBSW
Sell
48,200
32,202
4/15/26
(1,354)
Australian
Dollar
....
WPAC
Sell
30,200
20,177
4/15/26
(848)
Canadian
Dollar
....
BOFA
Sell
600
433
4/15/26
(9)
Canadian
Dollar
....
BZWS
Sell
182,500
131,732
4/15/26
(2,698)
Canadian
Dollar
....
GSCO
Sell
19,800
14,292
4/15/26
(293)
Canadian
Dollar
....
JPHQ
Sell
431,300
311,263
4/15/26
(6,433)
Canadian
Dollar
....
TDOM
Sell
1,420,800
1,025,182
4/15/26
(21,379)
Canadian
Dollar
....
UBSW
Sell
1,176,000
848,802
4/15/26
(17,440)
New
Zealand
Dollar
.
BOFA
Sell
43,500
25,006
4/15/26
(1,256)
New
Zealand
Dollar
.
MSCO
Sell
1,660,200
954,334
4/15/26
(47,960)
New
Zealand
Dollar
.
UBSW
Sell
166,600
95,759
4/15/26
(4,820)
Total
Forward
Exchange
Contracts
...................................................
$93,078
$(569,577)
Net
unrealized
appreciation
(depreciation)
............................................
$(476,499)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
At
January
31,
2026,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
See
Note
1(e). 
Forward
Premium
Swap
Option
Contracts
Fixed
right
or
obligation
to
receive
or
(pay)/
Floating
rate
index/Maturity
date
Counter
par
t
y
Expiration
date/strike
Notional/
Contract
amount
*
Premium
receivable/
(payable)
Unrealized
appreciation/
(depreciation)
a
a
a
a
a
(3.788%)/1-day
SOFR/Mar-36/(Purchased)
BNDP
3/17/26
/
3.788%
30,249,200
$
355,167
$
(12,653)
(3.438%)/1-day
SOFR/Mar-31/(Written)
BNDP
3/17/26
/
3.438%
52,153,700
(350,473)
1,613
3.625%/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
3.625%
1,201,500
55,629
(33,377)
(4.125%)/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
4.125%
1,201,500
55,629
(16,683)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
4,605,400
225,204
(158,333)
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
4,605,400
235,797
(174,113)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
259,100
32,310
(7,855)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
259,100
32,310
(1,565)
3.165%/1-day
SOFR/Mar-52/(Purchased)
BOFA
3/22/32
/
3.165%
4,099,200
293,093
(146,140)
(4.608%)/1-day
SOFR/May-56/(Purchased)
CITI
5/26/26
/
4.608%
2,170,500
78,789
(65,003)
(2.495%)/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
5,302,300
328,897
903,483
2.495%/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
5,302,300
328,897
(318,827)
(4.13%)/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
1,814,700
142,182
3,189
4.13%/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
1,814,700
142,182
(42,933)
1.201%/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
1.201%
EUR
10,390,700
206,241
(167,627)
(4.201%)/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
4.201%
EUR
10,390,700
259,753
(79,768)
1.445%/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
4,317,900
165,123
(133,946)
(1.445%)/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
4,317,900
165,123
627,782
(4.384%)/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
4.384%
4,030,200
185,591
(75,695)
3.884%/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
3.884%
4,030,200
178,135
(69,601)
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
614,500
73,679
(28,902)
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
614,500
73,679
6,152
(2.952%)/6-month
EURIBOR/Jun-49/
(Purchased)
MSCO
6/18/29
/
2.952%
EUR
4,848,800
386,533
180,786
(2.98%)/6-month
EURIBOR/May-55/
(Purchased)
MSCO
5/08/35
/
2.98%
EUR
260,500
27,195
12,882
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
2,708,400
98,044
(37,028)
(2%)/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
4,626,600
245,400
384,619
2%/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
4,626,600
245,400
(145,669)
2.7%/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
2,202,100
133,601
(74,796)
(2.7%)/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
2,202,100
133,601
119,771
Unrealized
appreciation
2,240,277
Unrealized
(depreciation)
(1,790,514)
Total
$449,763
*
In
U.S.
dollars
unless
otherwise
indicated.
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
At
January
31,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1(e). 
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.45
.
5.00%
Quarterly
12/20/30
18,279,000
$
1,619,757
$
1,459,527
$
160,230
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$1,619,757
$1,459,527
$160,230
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.10
(5.00)%
Monthly
CITI
11/17/59
1,969,000
1,026,653
820,325
206,328
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
584,000
304,502
33,229
271,273
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
289,000
103,695
108,736
(5,041)
CMBX.NA.BB.6
.
(5.00)%
Monthly
CITI
5/11/63
234,000
17,485
30,905
(13,420)
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
405,000
30,262
18,248
12,014
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
358,000
144,332
155,013
(10,681)
CMBX.NA.BB.8
.
(5.00)%
Monthly
GSCO
10/17/57
134,000
54,024
54,714
(690)
CMBX.NA.BB.8
.
(5.00)%
Monthly
MSCO
10/17/57
25,000
10,080
10,981
(901)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
CITI
11/17/59
1,129,000
266,590
339,336
(72,746)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
MSCO
11/17/59
1,053,000
248,645
340,501
(91,856)
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
1,326,000
140,313
165,603
(25,290)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
442,000
71,346
80,223
(8,877)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
884,000
158,457
185,345
(26,888)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
JPHQ
12/16/72
1,150,000
206,138
222,765
(16,627)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
766,000
32,403
143,487
(111,084)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
442,000
89,573
79,394
10,179
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.A.13
.
2.00%
Monthly
MLCO
12/16/72
804,000
(45,526)
(105,907)
60,381
Investment
Grade
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
215,000
(112,102)
(17,251)
(94,851)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
289,000
(103,695)
(123,564)
19,869
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
1,391,000
(103,939)
(241,859)
137,920
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
GSCO
5/11/63
186,000
(13,899)
(32,290)
18,391
Non-
Investment
Grade
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
At
January
31,
2026,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(e). 
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
c,d
(continued)
Traded
Index
(continued)
CMBX.NA.BB.6
.
5.00%
Monthly
JPHQ
5/11/63
21,000
$
(1,569)
$
(10,811)
$
9,242
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
256,000
(19,128)
(28,625)
9,497
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
921,000
(68,820)
(163,951)
95,131
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
63,000
(9,596)
(14,321)
4,725
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
33,000
(5,027)
(6,777)
1,750
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
34,000
(5,179)
(7,729)
2,550
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
766,000
(32,405)
(47,650)
15,245
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$2,383,613
$1,988,070
$395,543
Total
Credit
Default
Swap
Contracts
....................................
$4,003,370
$
3,447,597
$555,773
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.487%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
2/09/27
94,490,000
$
21,881
$
$
21,881
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.3%
.....
Annual
3/18/28
304,513,000
307,571
(284,235)
591,806
Receive
Fixed
2.6%
...
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
3/18/28
8,055,000
CAD
14,667
4,487
10,180
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Fixed
3.6%
...
Annual
Pay
Floating
1-day
SONIA
...........
Annual
3/18/28
3,455,000
GBP
$
5,050
$
10,036
$
(4,986)
Receive
Fixed
4.1%
...
Quarterly
Pay
Floating
3-month
AUD
BBR
.........
Quarterly
3/18/28
3,972,000
AUD
(6,050)
4,181
(10,231)
Receive
Fixed
3.45%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
3/18/31
280,329,000
(1,043,406)
(274,766)
(768,640)
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.5%
.....
Semi-Annual
3/18/31
647,000
AUD
2,168
681
1,487
Receive
Fixed
0.65%
..
Annual
Pay
Floating
1-day
SARON
..........
Annual
3/18/36
967,000
CHF
10,997
(2,678)
13,675
Receive
Floating
1-day
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
3.25%
....
Semi-Annual
3/18/36
8,130,000
CAD
(21,514)
(8,762)
(12,752)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.75%
....
Annual
3/18/36
63,455,000
631,362
339,503
291,859
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
4.25%
....
Semi-Annual
3/18/36
4,843,000
NZD
6,616
(11,282)
17,898
Receive
Floating
3-month
STIBOR
............
Quarterly
Pay
Fixed
3.05%
....
Annual
3/18/36
23,202,000
SEK
(35,003)
(11,283)
(23,720)
Receive
Fixed
4.05%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
3/18/36
2,000,000
GBP
(19,820)
5,304
(25,124)
Receive
Fixed
4.8%
...
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
3/18/36
8,971,000
AUD
(42,519)
9,308
(51,827)
Receive
Floating
6-month
NIBOR
.............
Semi-Annual
Pay
Fixed
4.15%
....
Annual
3/18/36
50,382,000
NOK
23,633
2,621
21,012
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.1%
.....
Annual
3/18/56
2,676,000
52,373
29,312
23,061
Receive
Fixed
3.31%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
3/18/56
1,493,000
EUR
46,956
38,301
8,655
Receive
Fixed
5%
.....
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
3/18/56
1,604,000
AUD
(9,746)
4,711
(14,457)
Total
Interest
Rate
Swap
Contracts
.................................
$(54,784)
$
(144,561)
$89,777
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
See
Note 9 regarding
other
derivative
information.
See
A
bbreviations
on
page
57
.
Putnam
Premier
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Putnam
Premier
Income
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$466,298,664
Cost
-
Non-controlled
affiliates
(Note
3
e
)
........................................................
30,896,325
Value
-
Unaffiliated
issuers
..................................................................
$471,983,398
Value
-
Non-controlled
affiliates
(Note
3
e
)
.......................................................
30,977,624
Cash
....................................................................................
2,366,185
Receivables:
Investment
securities
sold
...................................................................
1,830,718
Receivable
for
sales
of
TBA
securities
(Note
1
d
)
..................................................
52,546,211
Dividends
and
interest
.....................................................................
3,377,388
Deposits
with
brokers
for:
Futures
contracts
........................................................................
363,033
Centrally
cleared
swap
contracts
............................................................
4,232,473
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
8,701
OTC
swap
contracts
(upfront
payments
)
..........................................................
2,788,805
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
93,078
Unrealized
appreciation
on
forward
premium
swap
option
contracts
.....................................
2,240,277
Unrealized
appreciation
on
OTC
swap
contracts
....................................................
874,495
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
8
)
.......................................
177
Prepaid
expenses
..........................................................................
118,942
Total
assets
..........................................................................
573,801,505
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,958,864
Payable
for
purchases
of
TBA
securities
(Note
1
d
)
................................................
150,748,828
Management
fees
.........................................................................
222,301
Administrative
fees
........................................................................
2,510
Transfer
agent
fees
........................................................................
17,214
Trustees'
fees
and
expenses
.................................................................
167,280
Variation
margin
on
futures
contracts
...........................................................
9,461
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
2,264,000
OTC
swap
contracts
(upfront
receipts
)
...........................................................
800,735
Unrealized
depreciation
on
OTC
swap
contracts
....................................................
478,952
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
569,577
Unrealized
depreciation
on
forward
premium
swap
option
contracts
.....................................
1,790,514
TBA
sale
commitments,
at
value
(proceeds
$52,546,211)
(Note
1d)
......................................
52,418,405
Unrealized
depreciation
on
unfunded
loan
commitments
(Note
8
)
.......................................
42
Collateral
on
certain
derivative
contracts,
at
value
(Note
1
e
)
...........................................
141,607
Accrued
expenses
and
other
liabilities
...........................................................
657,347
Total
liabilities
.........................................................................
213,247,637
Net
assets,
at
value
.................................................................
$360,553,868
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$600,996,062
Total
distributable
earnings
(losses)
.............................................................
(240,442,194)
Net
assets,
at
value
.................................................................
$360,553,868
Shares
outstanding
.........................................................................
95,567,537
Net
asset
value
per
share
a
....................................................................
$3.77
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Premier
Income
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
January
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Putnam
Premier
Income
Trust
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
e
)
.............................................................
$736,620
Interest:
Unaffiliated
issuers:
Paydown
gain
(loss)
.....................................................................
(1,211,215)
Paid
in
cash
a
...........................................................................
10,018,966
Total
investment
income
...................................................................
9,544,371
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,376,481
Administrative
fees
(Note
3
b
)
..................................................................
1,979
Transfer
agent
fees
(Note
3c)
..................................................................
84,721
Reports
to
shareholders
fees
..................................................................
45,217
Registration
and
filing
fees
....................................................................
24,691
Professional
fees
...........................................................................
113,618
Trustees'
fees
and
expenses
(Note
3
d
)
...........................................................
62,286
Interest
expense
...........................................................................
1,021
Other
....................................................................................
11,847
Total
expenses
.........................................................................
1,721,861
Expenses
waived/paid
by
affiliates
(Note
3e)
...................................................
(16,969)
Net
expenses
.........................................................................
1,704,892
Net
investment
income
................................................................
7,839,479
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
2,271,597
Foreign
currency
transactions
................................................................
(13,715)
Forward
exchange
contracts
.................................................................
(341,179)
Forward
premium
swap
option
contracts
........................................................
(409,099)
Futures
contracts
.........................................................................
(212,517)
TBA
sale
commitments
.....................................................................
(379,883)
Swap
contracts
...........................................................................
310,635
Net
realized
gain
(loss)
..................................................................
1,225,839
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
4,259,861
Non-controlled
affiliates
(Note
3
e
)
...........................................................
25,766
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(183,030)
Unfunded
loan
commitments
(Note
8
)
..........................................................
132
Forward
exchange
contracts
.................................................................
(659,164)
Forward
premium
swap
option
contracts
........................................................
490,455
Futures
contracts
.........................................................................
42,275
TBA
sale
commitments
.....................................................................
116,768
Swap
contracts
...........................................................................
(687,798)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
3,405,265
Net
realized
and
unrealized
gain
(loss)
............................................................
4,631,104
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$12,470,583
a
Includes
amortization
of
premium
and
accretion
of
discount.
Putnam
Premier
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
Putnam
Premier
Income
Trust
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$7,839,479
$19,745,884
Net
realized
gain
(loss)
.................................................
1,225,839
1,781,836
Net
change
in
unrealized
appreciation
(depreciation)
...........................
3,405,265
3,457,473
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
12,470,583
24,985,193
Distributions
to
shareholders
..............................................
(14,908,536)
(19,390,338)
Distributions
to
shareholders
from
tax
return
of
capital
...........................
(10,429,111)
Total
distributions
to
shareholders
..........................................
(14,908,536)
(29,819,449)
Capital
share
transactions
(Note
2
)
..........................................
(107,871)
Net
increase
(decrease)
in
net
assets
...................................
(2,437,953)
(4,942,127)
Net
assets:
Beginning
of
period
.....................................................
362,991,821
367,933,948
End
of
period
..........................................................
$360,553,868
$362,991,821
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Premier
Income
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
following
summarizes
the 
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Stripped
Securities 
The
Fund
may
invest
in
stripped
securities
which
represent
a
participation
in
securities
that
may
be
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest-only
securities
receive
all
of
the
interest
and
principal-only
securities
receive
all
of
the
principal.
If
the
interest
only
securities
experience
greater
than
anticipated
prepayments
of
principal,
the
Fund
may
fail
to
recoup
fully
its
initial
investment
in
these
securities.
Conversely,
principal-
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
fair
value
of
these
securities
is
highly
sensitive
to
changes
in
interest
rates.
d.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery
and to-be-
announced
(TBA)
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
Collateral
has
been
pledged
and/or
received
for
open
TBA
trades.
The
Fund
may
also
enter
into
TBA
sale
commitments
to
hedge
its
portfolio
positions,
to
sell
mortgage-backed
securities
it
owns
under
delayed
delivery
arrangements
or
to
take
a
short
position
in
mortgage-backed
securities.
Proceeds
of
TBA
sale
commitments
are
not
received
until
the
contractual
settlement
date.
During
the
time
a
TBA
sale
commitment
is
outstanding,
either
equivalent
deliverable
securities
or
an
offsetting
TBA
purchase
commitment
deliverable
on
or
before
the
sale
commitment
date
are
held
as
“cover”
for
the
transaction,
or
other
liquid
assets
in
an
amount
equal
to
the
notional
value
of
the
TBA
sale
commitment
are
segregated.
If
the
TBA
sale
commitment
is
closed
through
the
acquisition
of
an
offsetting
TBA
purchase
commitment,
the
Fund
realizes
a
gain
or
loss.
If
the
Fund
delivers
securities
under
the
commitment,
the
Fund
realizes
a
gain
or
a
loss
from
the
sale
of
the
securities
based
upon
the
unit
price
established
at
the
date
the
commitment
was
entered
into.
TBA
commitments,
which
are
accounted
for
as
purchase
and
sale
transactions,
may
be
considered
securities
themselves,
and
involve
a
risk
of
loss
due
to
changes
in
the
value
of
the
security
prior
to
the
settlement
date
as
well
as
the
risk
that
the
counterparty
to
the
transaction
will
not
perform
its
obligations.
Counterparty
risk
is
mitigated
by
having
a
master
agreement
between
the
Fund
and
the
counterparty.
Unsettled
TBA
commitments
are
valued
at
their
fair
value
according
to
the
procedures
described
in
the
Financial
Instrument
Valuation
note.
The
contract
is
marked
to
market
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
daily
and
the
change
in
fair
value
is
recorded
by
the
Fund
as
an
unrealized
gain
or
loss.
Based
on
market
circumstances,
the
investment
manager
will
determine
whether
to
take
delivery
of
the
underlying
securities
or
to
dispose
of
the
TBA
commitments
prior
to
settlement.
e.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
or
at
the
broker and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
currency at
a
specific
exchange
rate
on
a
future
date.
Forward
exchange
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statement
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss
in
the Statement
of
Operations.
Credit
default
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Interest
rate
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
entered
into
OTC
total
return
swap
contracts
primarily
to
manage
and/or
gain exposure
to interest
rate risk
of
an
underlying
instrument
such
as
a
stock,
bond,
index
or
basket
of
securities
or
indices.
A
total
return
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
a
return
linked
to
an
underlying
instrument
for
a
floating
or
fixed
rate
payment,
both
based
upon
a
notional
amount.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
or
received
are
accrued
daily
and
recorded
as
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
recognized
as
realized
gain
or
loss. Total
return
swap contracts outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain exposure
to
interest
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
is
recorded
as
a
realized
gain
or
loss.
Option
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
9
 regarding
other
derivative
information.
f.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
g.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
January
31,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income
on
the
Statement
of
Operations.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan. Dividend
income
are
recorded
on
the
ex-dividend
date.
Distributions
to
shareholders
from
net
investment
income,
if
any,
are
recorded
by
the
Fund
on
the
ex-dividend
date.
Distributions
from
capital
gains,
if
any,
are
recorded
on
the
ex-dividend
date
and
paid
at
least
annually.
The
Fund
uses
targeted
distribution
rates,
whose
principal
source
of
the
distribution
is
ordinary
income.
However,
the
balance
of
the
distribution,
if
any,
comes
first
from
capital
gain
and
then
will
constitute
a
return
of
capital.
A
return
of
capital
is
not
taxable;
rather
it
reduces
a
shareholder’s
tax
basis
in
their
shares
of
the
Fund.
The
Fund
may
make
return
of
capital
distributions
to
achieve
the
targeted
distribution
rates. 
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
i.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
j.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
January
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the
period
ended January
31,
2026
and
year
ended
July
31,
2025,
there
are
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
In
September
2025,
the
Board
authorized
management
to
renew
the
Fund’s
open-market
share
repurchase
program.
Under
the
program,
the
Fund
may
purchase,
from
time
to
time,
fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
Repurchases
are
made
when
the
Fund’s
shares
are
trading
at
less
than
net
asset
value
and
therefore
increase
the
net
asset
value
per
share
of
the
Fund’s
remaining
shares.
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
Period
Ended
January
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
$–
30,484
$107,871
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
–%
7.12%
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investments
Limited
(PIL)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays Advisers for
management
and
investment
advisory
services
quarterly
based
on
the
average
net
assets
(including
assets,
but
excluding
liabilities,
attributable
to
leverage
for
investment
purposes)
of
the
Fund.
The
fee
is
based
on
the
following
annual
rates:
For
the
reporting
period,
the
management
fee
represented
an annualized
gross
effective
rate
(excluding
the
impact
from
any
expense
waivers
in
effect)
of 0.750%
of
the
Fund’s
average
net
assets. 
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Advisers,
provided
investor
servicing
agent
functions
to
the
Fund.
PSERV
was
paid
a
monthly
fee
for
investor
servicing
at
an
annual
rate
of
0.05%
of
the
Fund’s
average
daily
net
assets.
The
amounts
incurred
for
investor
servicing
agent
functions
during
the
reporting
period
are
included
in
Investor
servicing
fees
in
the
Statement
of
Operations.
Annualized
Fee
Rate
Net
Assets
0.750%
of
the
first
$500
million
of
average
net
assets,
0.650%
of
the
next
$500
million
of
average
net
assets,
0.600%
of
the
next
$500
million
of
average
net
assets,
0.550%
of
the
next
$5
billion
of
average
net
assets,
0.525%
of
the
next
$5
billion
of
average
net
assets,
0.505%
of
the
next
$5
billion
of
average
net
assets,
0.490%
of
the
next
$5
billion
of
average
net
assets,
0.480%
of
the
next
$5
billion
of
average
net
assets,
0.470%
of
the
next
$5
billion
of
average
net
assets,
0.460%
of
the
next
$5
billion
of
average
net
assets,
0.450%
of
the
next
$5
billion
of
average
net
assets,
0.440%
of
the
next
$5
billion
of
average
net
assets,
0.430%
of
the
next
$8.5
billion
of
average
net
assets
and
0.420%
of
any
excess
thereafter.
3.
Transactions
with
Affiliates
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
49
franklintempleton.com
Semiannual
Report
On
May
8,
2025,
the
Board
approved
Computershare
Inc.
to
serve
as
transfer
agent
for
the
Fund.
Effective
October
13,
2025,
Computershare
Inc.
became
the
transfer
agent
for
the
Fund
and
PSERV
is
no
longer
an
affiliated
person
of
the
Fund,
under
the
1940
Act.
The
principal
business
office
of
Computershare
is
located
at
P.O.
Box
43006,
Providence,
Rhode
Island
02940-
3078.
d.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
e.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
January
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Premier
Income
Trust
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$9,211,202
$—
$—
$—
$25,766
$9,236,968
368,080
$213,845
Putnam
Government
Money
Market
Fund,
Class
P,
3.484%
.
3,081,736
51,340,476
(50,439,468)
3,982,744
3,982,744
147,547
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
17,854,912
7,852,368
(7,949,368)
17,757,912
17,757,912
375,228
Total
Non-Controlled
Affiliates
$30,147,850
$59,192,844
$(58,388,836)
$—
$25,766
$30,977,624
$736,620
Total
Affiliated
Securities
...
$30,147,850
$59,192,844
$(58,388,836)
$—
$25,766
$30,977,624
$736,620
3.
Transactions
with
Affiliates
(continued)
c.
Transfer
Agent
Fees
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
4.
Expense
Offset
Arrangement
The Fund had
previously entered
into
an
arrangement
with PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
were
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
The
arrangement
terminated
on
October
12,
2025.
During
the
period
between
August
1,
2025
and
October
12,
2025,
there
were
no
credits
earned.  
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
January
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions
and
derivative
financial
instruments.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2026,
aggregated
$605,031,911 and
$614,854,288,
respectively. 
7.
Credit
Risk
and
Defaulted
Securities
At
January
31,
2026,
the
Fund
had 29.0%
of
its
portfolio
invested
in
high
yield
securities
or
other
securities
rated
below
investment
grade and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was $413,400
representing 0.1%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying Schedule
of
Investments.
8.
Unfunded
Loan
Commitments
The
Fund
enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedule
of
Investments.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
99,349,718
Long
term
................................................................................
100,793,088
Total
capital
loss
carryforwards
...............................................................
$200,142,806
Cost
of
investments
..........................................................................
$488,819,175
Unrealized
appreciation
........................................................................
$20,132,211
Unrealized
depreciation
........................................................................
(54,363,798)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(34,231,587)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
At
January
31,
2026,
unfunded
commitments
were
as
follows:
9.
Other
Derivative
Information
At
January
31,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
Borrower
Unfunded
Commitment
Clydesdale
Acquisition
Holdings,
Inc.
$
7,500
GC
Ferry
Acquisition
I,
Inc.
87,500
Pinnacle
Buyer
LLC
33,719
$
128,719
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Premier
Income
Trust
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
124,077
a
Variation
margin
on
futures
contracts
$
Variation
margin
on
centrally
cleared
swap
contracts
1,001,514
a
Variation
margin
on
centrally
cleared
swap
contracts
911,737
a
Unrealized
appreciation
on
forward
premium
swap
option
contracts
2,240,277
Unrealized
depreciation
on
forward
premium
swap
option
contracts
1,790,514
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
93,078
Unrealized
depreciation
on
OTC
forward
exchange
contracts
569,577
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
160,230
a
Variation
margin
on
centrally
cleared
swap
contracts
OTC
swap
contracts
(upfront
payments)
2,788,805
OTC
swap
contracts
(upfront
receipts)
800,735
Unrealized
appreciation
on
OTC
swap
contracts
874,495
Unrealized
depreciation
on
OTC
swap
contracts
478,952
Total
....................
$7,282,476
$4,551,515
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
and
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
8.
Unfunded
Loan
Commitments
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
52
franklintempleton.com
Semiannual
Report
For
the
period
ended
January
31,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
January
31,
2026
,
the
average
month
end
notional
amount
of
futures
contracts,
swap
contracts
and
options,
and
the
average month
end
contract
value
for forward
exchange
contracts,
were as
follows:
At
January
31,
2026,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Premier
Income
Trust
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$(212,517)
Futures
contracts
$42,275
Swap
contracts
(700,314)
Swap
contracts
(222,251)
Forward
premium
swap
option
contracts
(409,099)
Forward
premium
swap
option
contracts
490,455
Foreign
exchange
contracts
.....
Forward
exchange
contracts
(341,179)
Forward
exchange
contracts
(659,164)
Credit
contracts
...............
Swap
contracts
1,010,949
Swap
contracts
(465,547)
Total
.......................
$(652,160)
$(814,232)
Putnam
Premier
Income
Trust
Futures
contracts
............................................................................
$53,378,795
Swap
contracts
..............................................................................
$792,008,128
Forward
exchange
contracts
....................................................................
$30,801,881
Options
....................................................................................
194,689,160
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Putnam
Premier
Income
Trust
Forward
Exchange
Contracts
.............................
$
93,078
$
569,577
Forward
Premium
Swap
Option
Contracts
...................
2,240,277
1,790,514
Swap
Contracts
.......................................
3,663,300
1,279,687
Total
.............................................
$5,996,655
$3,639,778
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
9.
Other
Derivative
Information
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
53
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Semiannual
Report
At
January
31,
2026,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a,b
Cash
Collateral
Received
b
Net
Amount
(Not
less
than
zero)
Putnam
Premier
Income
Trust
Counterparty
BNDP
...................
$
1,613
$
(1,613)
$
$
$
BOFA
....................
15,245
(15,245)
BZWS
...................
CITI
.....................
1,857,908
(699,747)
(1,158,161)
GSCO
...................
655,231
(125,507)
(490,000)
39,724
HSBK
...................
JPHQ
...................
1,766,461
(933,661)
(671,376)
(10,000)
151,424
MCM
....................
6,152
(6,152)
MLCO
...................
374,380
(134,532)
(198,000)
41,848
MSCO
...................
741,561
(492,384)
(249,177)
NATW
...................
TDOM
...................
21,191
(21,191)
UBSW
...................
556,913
(256,026)
(258,112)
(42,775)
WPAC
...................
Total
...................
$5,996,655
$(2,686,058)
$(929,488)
$(2,148,113)
$232,996
$
1
9.
Other
Derivative
Information
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
54
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Semiannual
Report
At
January
31,
2026,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(e) regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
57
.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
c,d
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Putnam
Premier
Income
Trust
Counterparty
BNDP
...................
$
62,713
$
(1,613)
$
$
$
61,100
BOFA
....................
548,043
(15,245)
(507,714)
25,084
BZWS
...................
8,869
8,869
CITI
.....................
699,747
(699,747)
GSCO
...................
125,507
(125,507)
HSBK
...................
144,740
(144,740)
JPHQ
...................
933,661
(933,661)
MCM
....................
174,198
(6,152)
(106,266)
61,780
MLCO
...................
134,532
(134,532)
MSCO
...................
492,384
(492,384)
NATW
...................
37,028
37,028
TDOM
...................
21,482
(21,191)
291
UBSW
...................
256,026
(256,026)
WPAC
...................
848
848
Total
...................
$3,639,778
$(2,686,058)
$(758,720)
$—
$195,000
a
At
January
31,
2026,
the
Fund
received
U.S
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
c
See
the
accompanying
Schedule
of
Investments
for
securities
pledged
as
collateral
for
derivatives.
d
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
9.
Other
Derivative
Information
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
55
franklintempleton.com
Semiannual
Report
Level
3
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
11.
Distributions
subsequent
to
January
31,
2026
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
Level
1
Level
2
Level
3
Total
Putnam
Premier
Income
Trust
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
$
9,236,968
$
$
$
9,236,968
Convertible
Bonds
.......................
9,331,088
9,331,088
Corporate
Bonds
........................
106,947,519
106,947,519
Senior
Floating
Rate
Interests
...............
28,223,191
28,223,191
Foreign
Government
and
Agency
Securities
....
35,623,851
35,623,851
U.S.
Government
and
Agency
Securities
.......
141,607
141,607
Asset-Backed
Securities
...................
5,817,656
5,817,656
Commercial
Mortgage-Backed
Securities
......
29,757,112
29,757,112
Mortgage-Backed
Securities
................
151,323,399
151,323,399
Residential
Mortgage-Backed
Securities
.......
33,244,955
33,244,955
Agency
Commercial
Mortgage-Backed
Securities
45,610,642
45,610,642
Short
Term
Investments
...................
21,740,656
25,962,378
47,703,034
Total
Investments
in
Securities
...........
$30,977,624
$471,983,398
$—
$502,961,022
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$93,078
$—
$93,078
Forward
Premium
Swap
Option
Contracts
.....
2,240,277
2,240,277
Futures
Contracts
.......................
124,077
124,077
Swap
Contracts
.........................
2,036,239
2,036,239
Unfunded
Loan
Commitments
..............
177
177
Total
Other
Financial
Instruments
.........
$124,077
$4,369,771
$—
$4,493,848
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
$
52,418,405
$
$
52,418,405
Forward
Exchange
Contracts
...............
569,577
569,577
Forward
Premium
Swap
Option
Contracts
......
1,790,514
1,790,514
Swap
Contracts
.........................
1,390,689
1,390,689
Unfunded
Loan
Commitments
...............
42
42
Total
Other
Financial
Instruments
.........
$—
$56,169,227
$—
$56,169,227
Record
Date
Payable
Date
Amount
2/20/2026
2/27/2026
$0.0260
3/24/2026
3/31/2026
$0.0260
4/23/2026
4/30/2026
$0.0260
5/21/2026
5/29/2026
$0.0260
10.
Fair
Value
Measurements
(continued)
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
56
franklintempleton.com
Semiannual
Report
12.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Putnam
Premier
Income
Trust
Notes
to
Financial
Statements
(unaudited)
57
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Semiannual
Report
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MCM
Mizuho
Capital
Markets
LLC
MLCO
Merrill
Lynch
International
&
Co.
MSCO
Morgan
Stanley
NATW
Natwest
Markets
plc
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CMBX.NA.
Series
number
CMBX
North
America
Index
Selected
Portfolio
BBR
Bank
of
England
Base
Rate
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
IO
Interest
Only
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SARON
Swiss
Average
Rate
Overnight
SOFR
Secured
Overnight
Financing
Rate
SONIA
Sterling
Overnight
Index
Average
STACR
Structured
Agency
Credit
Risk
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
REPO_CORRA
.................
2.30%
1-day
SARON
.......................
(0.07)%
1-day
SOFR
........................
3.68%
1-day
SONIA
........................
3.72%
3-month
AUD
BBR
...................
3.84%
3-month
STIBOR
....................
2.02%
6-month
AUD
BBR
...................
4.09%
6-month
EURIBOR
...................
2.16%
6-month
NIBOR
.....................
4.23%
Putnam
Premier
Income
Trust
Important
Information
to
Shareholders
(unaudited)
58
franklintempleton.com
Semiannual
Report
Share
Repurchase
Program
In
September
2025,
the
Trustees
of
your
fund
authorized
a
share
repurchase
program
that
allows
your
fund
to
repurchase,
beginning
October
1,
2025,
up
to
10%
of
the
fund's
common
shares
outstanding
as
of
September
30,
2025.
Information
about
the
fund’s
goal,
investment
strategies,
principal
risks,
and
fundamental
investment
policies
Goal
The
goal
of
the
fund
is
to
seek
high
current
income
consistent
with
the
preservation
of
capital
by
allocating
its
investments
among
the
U.S.
government
sector,
high
yield
sector
and
international
sector
of
the
fixed-income
securities
market.
The
Fund’s
Main
Investment
Strategies
and
Related
Risks
This
section
contains
detail
regarding
the
fund’s
main
investment
strategies
and
the
related
risks
you
face
as
a
fund
shareholder.
It
is
important
to
keep
in
mind
that
risk
and
reward
generally
go
hand
in
hand;
the
higher
the
potential
reward,
the
greater
the
risk.
We
pursue
the
fund’s
goal
by
investing
mainly
in
bonds,
securitized
debt
instruments
(such
as
residential
mortgage-
backed
securities
and
commercial
mortgage-backed
securities),
and
other
obligations
of
companies
and
governments
worldwide
that
are
either
investment-grade
or
below-investment-grade
in
quality
(sometimes
referred
to
as
“junk
bonds”),
that
have
intermediate-
to
long-term
maturities
(three
years
or
longer),
and
that
are
from
multiple
sectors.
The
fund
currently
has
significant
investment
exposure
to
residential
and
commercial
mortgage-backed
investments.
We
may
consider,
among
other
factors,
credit,
interest
rate
and
prepayment
risks,
as
well
as
general
market
conditions,
when
deciding
whether
to
buy
or
sell
investments.
We
typically
use
to
a
significant
extent
derivatives,
such
as
futures,
options,
certain
foreign
currency
transactions,
swap
contracts,
and
reverse
repurchase
agreements
for
hedging
and
non-hedging
purposes
and
to
obtain
leverage.
The
fund
may
invest
in
whole
loans,
including,
without
limitation,
residential
and/or
commercial,
asset-backed,
real
estate
or
mortgage-related
whole
loans.
The
fund
may
invest
directly
in,
or
invest
in
shares,
certificates,
notes,
or
other
tranched
or
structured
securities
representing
the
right
to
receive
principal
and
interest
payments
backed
by
or
due
on
fractions
of,
whole
loans
or
pools
of
whole
loans.
The
Fund
may
also
invest
in
loans
that
take
the
form
of
secured
and
unsecured
notes,
senior
and
second
lien
loans,
mezzanine
loans,
bridge
loans
or
similar
investments.
When
investing
in
loans,
the
fund
is
not
restricted
by
any
particular
credit
risk
criteria.
The
loans
the
fund
invests
in
may
vary
in
maturity
and
duration.
The
fund
is
not
limited
in
the
amount,
size
or
type
of
loans
it
may
invest
in,
including
with
respect
to
a
single
borrower
or
with
respect
to
borrowers
that
are
determined
to
be
below
investment
grade,
other
than
pursuant
to
any
applicable
law.
In
order
to
gain
exposure
to
loans,
including
whole
loans,
the
fund
may
enter
into
reverse
repurchase
agreements.
The
fund
currently
has
significant
investment
exposure
to
CMBS,
which
are
also
subject
to
risks
associated
with
the
commercial
real
estate
markets
and
the
servicing
of
mortgage
loans
secured
by
commercial
properties.
During
periods
of
difficult
economic
conditions,
delinquencies
and
losses
on
CMBS
in
particular
generally
increase,
including
as
a
result
of
the
effects
of
those
conditions
on
commercial
real
estate
markets,
the
ability
of
commercial
tenants
to
make
loan
payments,
and
the
ability
of
a
property
to
attract
and
retain
commercial
tenants.
The
fund
achieves
exposure
to
CMBS
via
CMBX,
an
index
that
references
a
basket
of
CMBS.
Foreign
investments.
We
consider
any
securities
issued
by
a
foreign
government
or
a
supranational
organization
(such
as
the
World
Bank)
or
denominated
in
a
foreign
currency
to
be
securities
of
a
foreign
issuer.
In
addition,
we
consider
an
issuer
to
be
a
foreign
issuer
if
we
determine
that
(i)
the
issuer
is
headquartered
or
organized
outside
the
United
States,
(ii)
the
issuer’s
securities
trade
in
a
market
outside
the
United
States,
(iii)
the
issuer
derives
a
majority
of
its
revenues
or
profits
outside
the
United
States,
or
(iv)
the
issuer
is
significantly
exposed
to
the
economic
fortunes
and
risks
of
regions
outside
the
United
States.
Foreign
investments
involve
certain
special
risks,
including:
Unfavorable
changes
in
currency
exchange
rates:
Foreign
investments
are
typically
issued
and
traded
in
foreign
currencies.
As
a
result,
their
values
may
be
affected
by
changes
in
exchange
rates
between
foreign
currencies
and
the
U.S.
dollar.
Political
and
economic
developments:
Foreign
investments
may
be
subject
to
the
risks
of
seizure
by
a
foreign
government,
direct
or
indirect
impact
of
sovereign
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debt
default,
imposition
of
economic
sanctions,
tariffs,
trade
restrictions,
currency
restrictions
or
similar
actions
(or
retaliatory
measures
taken
in
response
to
such
actions),
and
tax
increases.
Unreliable
or
untimely
information:
There
may
be
less
information
publicly
available
about
a
foreign
company
than
about
most
publicly-traded
U.S.
companies,
and
foreign
companies
are
usually
not
subject
to
accounting,
auditing
and
financial
reporting
standards
and
practices
as
stringent
as
those
in
the
United
States.
Foreign
securities
may
trade
on
markets
that
are
closed
when
U.S.
markets
are
open.
As
a
result,
accurate
pricing
information
based
on
foreign
market
prices
may
not
always
be
available.
Limited
legal
recourse:
Legal
remedies
for
investors
may
be
more
limited
than
the
remedies
available
in
the
United
States.
Limited
markets:
Certain
foreign
investments
may
be
less
liquid
(harder
to
buy
and
sell)
and
more
volatile
than
most
U.S.
investments,
which
means
we
may
at
times
be
unable
to
sell
these
foreign
investments
at
desirable
prices.
In
addition,
there
may
be
limited
or
no
markets
for
bonds
of
issuers
that
become
distressed.
For
the
same
reason,
we
may
at
times
find
it
difficult
to
value
the
fund’s
foreign
investments.
Trading
practices:
Brokerage
commissions
and
other
fees
are
generally
higher
for
foreign
investments
than
for
U.S.
investments.
The
procedures
and
rules
governing
foreign
transactions
and
custody
may
also
involve
delays
in
payment,
delivery
or
recovery
of
money
or
investments.
Sovereign
issuers:
The
willingness
and
ability
of
sovereign
issuers
to
pay
principal
and
interest
on
government
securities
depends
on
various
economic
factors,
including
the
issuer’s
balance
of
payments,
overall
debt
level,
and
cash
flow
from
tax
or
other
revenues.
In
addition,
there
may
be
no
legal
recourse
for
investors
in
the
event
of
default
by
a
sovereign
government.
The
risks
of
foreign
investments
are
typically
increased
in
countries
with
less
developed
markets,
which
are
sometimes
referred
to
as
emerging
markets.
Emerging
markets
may
have
less
developed
economies
and
legal
and
regulatory
systems,
and
may
be
susceptible
to
greater
political
and
economic
instability
than
developed
foreign
markets.
Countries
with
emerging
markets
are
also
more
likely
to
experience
high
levels
of
inflation,
or
currency
devaluation,
and
investments
in
emerging
markets
may
be
more
volatile
and
less
liquid
than
investments
in
developed
markets.
For
these
and
other
reasons,
investments
in
emerging
markets
are
often
considered
speculative.
Certain
risks
related
to
foreign
investments
may
also
apply
to
some
extent
to
U.S.-
traded
investments
that
are
denominated
in
foreign
currencies,
investments
in
U.S.
companies
that
are
traded
in
foreign
markets,
or
investments
in
U.S.
companies
that
have
significant
foreign
operations.
Interest
rate
risk.
The
values
of
bonds
and
other
debt
instruments
usually
rise
and
fall
in
response
to
changes
in
interest
rates.
Interest
rates
can
change
in
response
to
the
supply
and
demand
for
credit,
government
and/or
central
bank
monetary
policy
and
action,
inflation
rates,
and
other
factors.
Declining
interest
rates
generally
result
in
an
increase
in
the
value
of
existing
debt
instruments,
and
rising
interest
rates
generally
result
in
a
decrease
in
the
value
of
existing
debt
instruments.
Changes
in
a
debt
instrument’s
value
usually
will
not
affect
the
amount
of
interest
income
paid
to
the
fund,
but
will
affect
the
value
of
the
fund’s
shares.
Interest
rate
risk
is
generally
greater
for
investments
with
longer
maturities.
Some
investments
give
the
issuer
the
option
to
call
or
redeem
an
investment
before
its
maturity
date.
If
an
issuer
calls
or
redeems
an
investment
during
a
time
of
declining
interest
rates,
we
might
have
to
reinvest
the
proceeds
in
an
investment
offering
a
lower
yield,
and,
therefore,
the
fund
might
not
benefit
from
any
increase
in
value
as
a
result
of
declining
interest
rates.
Credit
risk.
Investors
normally
expect
to
be
compensated
in
proportion
to
the
risk
they
are
assuming.
Thus,
debt
of
issuers
with
poor
credit
prospects
usually
offers
higher
yields
than
debt
of
issuers
with
more
secure
credit.
Higher-rated
investments
generally
have
lower
credit
risk.
Investments
rated
below
BBB
or
its
equivalent
are
below
investment-grade
in
quality
(sometimes
referred
to
as
“junk
bonds”),
which
can
be
more
sensitive
to
changes
in
markets,
credit
conditions,
and
interest
rate,
and
may
be
considered
speculative.
This
rating
reflects
a
greater
possibility
that
the
issuers
may
be
unable
to
make
timely
payments
of
interest
and
principal
and
thus
default.
If
a
default
occurs,
or
is
perceived
as
likely
to
occur,
the
value
of
the
investment
will
usually
be
more
volatile
and
could
decrease.
The
value
of
a
debt
instrument
may
also
be
affected
by
changes
in,
or
perceptions
of,
the
financial
condition
of
the
issuer,
borrower,
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counterparty,
or
other
entity,
or
underlying
collateral
or
assets,
or
changes
in,
or
perceptions
of,
specific
or
general
market,
economic,
industry,
political,
regulatory,
geopolitical,
environmental,
public
health,
and
other
conditions.
A
default
or
expected
default
could
also
make
it
difficult
for
us
to
sell
the
investment
at
a
price
approximating
the
value
we
had
previously
placed
on
it.
Lower-rated
debt
usually
has
a
more
limited
market
than
higher-rated
debt,
which
may
at
times
make
it
difficult
for
us
to
buy
or
sell
certain
debt
instruments
or
to
establish
their
fair
values.
Credit
risk
is
generally
greater
for
zero-coupon
bonds
and
other
investments
that
are
issued
at
less
than
their
face
value
and
that
are
required
to
make
interest
payments
only
at
maturity
rather
than
at
intervals
during
the
life
of
the
investment.
Credit
ratings
are
based
largely
on
the
issuer’s
historical
financial
condition
and
the
rating
agencies’
investment
analysis
at
the
time
of
rating.
The
rating
assigned
to
any
particular
investment
does
not
necessarily
reflect
the
issuer’s
current
financial
condition,
and
does
not
reflect
an
assessment
of
the
investment’s
volatility
or
liquidity.
Although
we
consider
credit
ratings
in
making
investment
decisions,
we
perform
our
own
investment
analysis
and
do
not
rely
only
on
ratings
assigned
by
the
rating
agencies.
Our
success
in
achieving
the
fund’s
goal
may
depend
more
on
our
own
credit
analysis
when
we
buy
lower-rated
debt
than
when
we
buy
investment-grade
debt.
We
may
have
to
participate
in
legal
proceedings
involving
the
issuer.
This
could
increase
the
fund’s
operating
expenses
and
decrease
its
net
asset
value.
Although
investment-grade
investments
generally
have
lower
credit
risk,
they
may
share
some
of
the
risks
of
lower-rated
investments.
U.S.
government
investments
generally
have
the
least
credit
risk,
but
are
not
completely
free
of
credit
risk.
While
some
investments,
such
as
U.S.
Treasury
obligations
and
Ginnie
Mae
certificates,
are
backed
by
the
full
faith
and
credit
of
the
U.S.
government,
others
are
backed
only
by
the
credit
of
the
issuer.
Mortgage-backed
securities
may
be
subject
to
the
risk
that
underlying
borrowers
will
be
unable
to
meet
their
obligations.
Bond
investments
may
be
more
susceptible
to
downgrades
or
defaults
during
economic
downturns
or
other
periods
of
economic
stress,
which
can
significantly
strain
the
financial
resources
of
debt
issuers,
including
the
issuers
of
the
bonds
in
which
the
fund
invests
(or
has
exposure
to).
This
may
make
it
less
likely
that
those
issuers
can
meet
their
financial
obligations
when
due
and
may
adversely
impact
the
value
of
their
bonds,
which
could
negatively
impact
the
performance
of
the
fund.
It
is
difficult
to
predict
the
level
of
financial
stress
and
duration
of
such
stress
issuers
may
experience.
Prepayment
risk.
Traditional
debt
investments
typically
pay
a
fixed
rate
of
interest
until
maturity,
when
the
entire
principal
amount
is
due.
In
contrast,
payments
on
securitized
debt
instruments,
including
mortgage-backed
and
asset-
backed
investments,
typically
include
both
interest
and
partial
payment
of
principal.
Principal
may
also
be
prepaid
voluntarily
or
as
a
result
of
refinancing
or
foreclosure.
We
may
have
to
invest
the
proceeds
from
prepaid
investments
in
other
investments
with
less
attractive
terms
and
yields.
Compared
to
debt
that
cannot
be
prepaid,
mortgage-backed
investments
are
less
likely
to
increase
in
value
during
periods
of
declining
interest
rates
and
have
a
higher
risk
of
decline
in
value
during
periods
of
rising
interest
rates.
These
investments
may
increase
the
volatility
of
the
fund.
Some
mortgage-backed
investments
receive
only
the
interest
portion
or
the
principal
portion
of
payments
on
the
underlying
mortgages.
The
yields
and
values
of
these
investments
are
extremely
sensitive
to
changes
in
interest
rates
and
in
the
rate
of
principal
payments
on
the
underlying
mortgages.
The
market
for
these
investments
may
be
volatile
and
limited,
which
may
make
them
difficult
to
buy
or
sell.
Asset-backed
securities
are
structured
like
mortgage-backed
securities,
but
instead
of
mortgage
loans
or
interests
in
mortgage
loans,
the
underlying
assets
may
include
such
items
as
motor
vehicle
installment
sales
or
installment
loan
contracts,
leases
of
various
types
of
real
and
personal
property
and
receivables
from
credit
card
agreements.
Asset-backed
securities
are
subject
to
risks
similar
to
those
of
mortgage-backed
securities.
Derivatives.
We
typically
engage
to
a
significant
extent
in
a
variety
of
transactions
involving
derivatives,
such
as
to-be-announced
(TBA)
commitments,
futures,
options
and
swaptions,
including
on
mortgage-backed
securities
and
indices,
forward
contracts,
certain
foreign
currency
transactions,
credit
default,
total
return
and
interest
rate
swap
contracts,
and
reverse
repurchase
agreements
including
to
obtain
or
adjust
exposure
to
commercial
and
residential
mortgage-backed
instruments.
Derivatives
are
financial
instruments
whose
value
depends
upon,
or
is
derived
from,
the
value
of
something
else,
such
as
one
or
more
underlying
investments,
pools
of
investments,
indexes
or
currencies.
We
may
make
use
of
“short”
derivative
positions,
the
values
of
which
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typically
move
in
the
opposite
direction
from
the
price
of
the
underlying
investment,
pool
of
investments,
index
or
currency.
We
may
use
derivatives
for
hedging
and
non-
hedging
purposes
and
to
obtain
leverage.
For
example,
we
may
use
derivatives
to
increase
or
decrease
the
fund’s
exposure
to
long-
or
short-term
interest
rates
(in
the
United
States
or
abroad),
increase
or
decrease
the
fund’s
exposure
to
inflation,
adjust
the
term
of
the
fund’s
U.S.
Treasury
security
exposure,
adjust
the
fund’s
positioning
on
the
yield
curve
(a
line
that
plots
interest
rates
of
bonds
having
equal
credit
quality
but
differing
maturity
dates)
or
to
take
tactical
positions
along
the
yield
curve
or
to
a
particular
currency
or
group
of
currencies,
or
as
a
substitute
for
a
direct
investment
in
the
securities
of
one
or
more
issuers.
The
fund
may
also
use
derivatives
to
isolate
prepayment
risk
associated
with
the
fund’s
holdings
of
collateralized
mortgage
obligations.
However,
we
may
also
choose
not
to
use
derivatives
based
on
our
evaluation
of
market
conditions
or
the
availability
of
suitable
derivatives.
Investments
in
derivatives
may
be
applied
toward
meeting
a
requirement
to
invest
in
a
particular
kind
of
investment
if
the
derivatives
have
economic
characteristics
similar
to
that
investment.
Derivatives
involve
special
risks
and
may
result
in
losses.
The
successful
use
of
derivatives
depends
on
our
ability
to
manage
these
sophisticated
instruments.
Some
derivatives
are
“leveraged,”
which
means
they
provide
the
fund
with
investment
exposure
greater
than
the
value
of
the
fund’s
investment
in
the
derivatives.
As
a
result,
these
derivatives
may
magnify
or
otherwise
increase
investment
losses
to
the
fund.
The
risk
of
loss
from
certain
short
derivative
positions
is
theoretically
unlimited.
The
value
of
derivatives
may
move
in
unexpected
ways
due
to
unanticipated
market
movements,
the
use
of
leverage,
imperfect
correlation
between
the
derivative
instrument
and
the
reference
asset
or
other
factors,
especially
in
unusual
market
conditions,
and
volatility
in
the
value
of
derivatives
could
adversely
impact
the
fund’s
returns,
obligations,
and
exposures.
Reverse
repurchase
agreements
involve
the
risks
that
the
interest
income
earned
on
the
investment
of
the
proceeds
will
be
less
than
the
interest
expense
and
fund
expenses
associated
with
the
repurchase
agreement,
that
the
market
value
of
the
securities
sold
by
the
fund
may
decline
below
the
price
at
which
the
fund
is
obligated
to
repurchase
such
securities
and
that
the
securities
may
not
be
returned
to
the
fund.
There
is
no
assurance
that
reverse
repurchase
agreements
can
be
successfully
employed.
Other
risks
arise
from
the
potential
inability
to
terminate
or
sell
derivative
positions.
Derivatives
may
be
subject
to
liquidity
risk
due
to
the
fund’s
obligation
to
make
payments
of
margin,
collateral,
or
settlement
payments
to
counterparties.
A
liquid
secondary
market
may
not
always
exist
for
the
fund’s
derivative
positions.
In
fact,
certain
over-the-counter
instruments
(investments
not
traded
on
an
exchange)
may
not
be
liquid.
Over-the-counter
instruments
also
involve
the
risk
that
the
other
party
to
the
derivative
transaction
may
not
be
willing
or
able
to
meet
its
obligations
with
respect
to
the
derivative
transaction.
The
risk
of
a
party
failing
to
meet
its
obligations
may
increase
if
the
fund
has
significant
exposure
to
that
counterparty.
Derivative
transactions
may
also
be
subject
to
operational
risk,
including
due
to
documentation
and
settlement
issues,
system
failures,
inadequate
controls
and
human
error,
and
legal
risk
due
to
insufficient
documentation,
insufficient
capacity
or
authority
of
a
counterparty,
or
issues
with
respect
to
the
legality
or
enforceability
of
the
derivative
contract.
Floating
rate
loans.
Floating
rate
loans
are
debt
obligations
with
interest
rates
that
adjust
or
“float”
periodically
(normally
on
a
monthly
or
quarterly
basis)
based
on
a
generally
recognized
base
rate,
such
as
the
London
Inter-Bank
Offered
Rate
or
the
prime
rate
offered
by
one
or
more
major
U.S.
banks.
While
most
floating
rate
loans
are
below-investment-grade
in
quality,
many
also
are
senior
in
rank
in
the
event
of
bankruptcy
to
most
other
securities
of
the
borrower,
such
as
common
stock
or
public
bonds.
Floating
rate
loans
are
also
normally
secured
by
specific
collateral
or
assets
of
the
borrower
so
that
the
holders
of
the
loans
will
have
a
priority
claim
on
those
assets
in
the
event
of
default
or
bankruptcy
of
the
issuer.
Floating
rate
loans
generally
are
less
sensitive
to
interest
rate
changes
than
obligations
with
fixed
interest
rates
but
may
decline
in
value
if
their
interest
rates
do
not
rise
as
much,
or
as
quickly,
as
interest
rates
in
general.
Conversely,
floating
rate
instruments
will
not
generally
increase
in
value
if
interest
rates
decline.
Changes
in
interest
rates
will
also
affect
the
amount
of
interest
income
the
fund
earns
on
its
floating
rate
investments.
Most
floating
rate
loans
allow
for
prepayment
of
principal
without
penalty.
If
a
borrower
prepays
a
loan,
we
might
have
to
reinvest
the
proceeds
in
an
investment
that
may
have
lower
yields
than
the
yield
on
the
prepaid
loan
or
might
not
be
able
to
take
advantage
of
potential
gains
from
increases
in
the
credit
quality
of
the
issuer.
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The
value
of
collateral,
if
any,
securing
a
floating
rate
loan
can
decline,
and
may
be
insufficient
to
meet
the
borrower’s
obligations
or
difficult
to
liquidate.
In
addition,
the
fund’s
access
to
collateral
may
be
limited
by
bankruptcy
or
other
insolvency
proceedings.
Floating
rate
loans
may
not
be
fully
collateralized
and
may
decline
in
value.
Loans
may
not
be
considered
“securities,”
and
it
is
possible
that
the
fund
may
not
be
entitled
to
rely
on
anti-fraud
and
other
protections
under
the
federal
securities
laws
when
it
purchases
loans.
Although
the
market
for
the
types
of
floating
rate
loans
in
which
the
fund
invests
has
become
increasingly
liquid
over
time,
this
market
is
still
developing,
and
there
can
be
no
assurance
that
adverse
developments
with
respect
to
this
market
or
particular
borrowers
will
not
prevent
the
fund
from
selling
these
loans
at
their
market
values
when
we
consider
such
a
sale
desirable.
In
addition,
the
settlement
period
(the
period
between
the
execution
of
the
trade
and
the
delivery
of
cash
to
the
purchaser)
for
floating
rate
loan
transactions
may
be
significantly
longer
than
the
settlement
period
for
other
investments,
and
in
some
cases
longer
than
seven
days.
Requirements
to
obtain
consent
of
borrower
and/or
agent
can
delay
or
impede
the
fund’s
ability
to
sell
the
floating
rate
loans
and
can
adversely
affect
the
price
that
can
be
obtained.
It
is
possible
that
sale
proceeds
from
floating
rate
loan
transactions
will
not
be
available
to
meet
redemption
obligations.
Liquidity
and
illiquid
investments.
We
may
invest
the
fund’s
assets
in
illiquid
investments,
which
may
be
considered
speculative
and
which
may
be
difficult
to
sell.
The
sale
of
many
of
these
investments
is
prohibited
or
limited
by
law
or
contract.
Some
investments
may
be
difficult
to
value
for
purposes
of
determining
the
fund’s
net
asset
value.
Certain
other
investments
may
not
have
an
active
trading
market
due
to
adverse
market,
economic,
industry,
political,
regulatory,
geopolitical,
environmental,
public
health,
and
other
conditions,
including
investors
trying
to
sell
large
quantities
of
a
particular
investment
or
type
of
investment,
or
lack
of
market
makers
or
other
buyers
for
a
particular
investment
or
type
of
investment.
Commercial
mortgage-
backed
securities
may
be
less
liquid
and
exhibit
greater
price
volatility
than
other
types
of
mortgage-
or
asset-backed
securities.
We
may
not
be
able
to
sell
the
fund’s
illiquid
investments
when
we
consider
it
desirable
to
do
so,
or
we
may
be
able
to
sell
them
only
at
less
than
their
value.
Focused
investment
risk.
Focusing
investments
in
sectors
and
industries
with
high
positive
correlations
to
one
another
creates
additional
risk.
The
fund
currently
has
significant
investment
exposure
to
private
issuers
of
residential
and
commercial
mortgage-backed
securities
and
mortgage-backed
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
or
instrumentalities,
which
makes
the
fund’s
net
asset
value
more
susceptible
to
economic,
market,
political
and
other
developments
affecting
the
residential
and
commercial
real
estate
markets
and
the
servicing
of
mortgage
loans
secured
by
real
estate
properties.
Factors
affecting
the
residential
and
commercial
real
estate
markets
include
the
supply
and
demand
of
real
property
in
particular
markets,
changes
in
the
availability,
terms
and
costs
of
mortgages,
changes
in
tenants’
ability
to
make
loan
payments,
changes
in
zoning
laws
and
eminent
domain
practices,
the
impact
of
environmental
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
adequacy
of
rent
to
cover
operating
expenses,
changes
in
government
regulations,
and
local
and
regional
market
conditions.
Some
of
these
factors
may
vary
greatly
by
geographic
location.
The
value
of
these
investments
also
may
be
affected
by
changes
in
interest
rates
and
social
and
economic
trends.
Mortgage-
backed
securities
are
subject
to
the
risk
of
fluctuations
in
income
from
underlying
real
estate
assets,
prepayments,
extensions,
and
defaults
by
borrowers.
Because
the
fund
currently
has
significant
investment
exposure
to
commercial
mortgage-backed
securities,
the
fund
may
be
particularly
susceptible
to
adverse
developments
affecting
those
securities.
Commercial
mortgage-backed
securities
include
securities
that
reflect
an
interest
in,
or
are
secured
by,
mortgage
loans
on
commercial
real
property,
such
as
industrial
and
warehouse
properties,
office
buildings,
retail
space
and
shopping
malls,
cooperative
apartments,
hotels
and
motels,
nursing
homes,
hospitals
and
senior
living
centers.
Many
of
the
risks
of
investing
in
commercial
mortgage-backed
securities
reflect
the
risks
of
investing
in
the
real
estate
securing
the
underlying
mortgage
loans.
During
periods
of
difficult
economic
conditions
(including
periods
of
significant
disruptions
to
business
operations,
supply
chains,
and
customer
activity
and
lower
consumer
demand
for
goods
and
services),
delinquencies
and
losses
on
commercial
real
estate
generally
increase,
including
as
a
result
of
the
effects
of
those
conditions
on
commercial
real
estate
markets,
the
ability
of
commercial
tenants
to
make
loan
payments,
and
the
ability
of
a
property
to
attract
and
retain
commercial
tenants.
The
risk
of
defaults
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on
residential
mortgage-backed
securities
is
generally
higher
in
the
case
of
mortgage-backed
investments
that
include
non-qualified
mortgages.
Litigation
with
respect
to
the
representations
and
warranties
given
in
connection
with
the
issuance
of
mortgage-backed
securities
can
be
an
important
consideration
in
investing
in
such
securities,
and
the
outcome
of
any
such
litigation
could
significantly
impact
the
value
of
the
fund’s
mortgage-backed
investments.
Market
risk.
The
value
of
investments
in
the
fund’s
portfolio
may
fall
or
fail
to
rise
over
extended
periods
of
time
for
a
variety
of
reasons,
including
general
economic,
political
or
financial
market
conditions;
investor
sentiment
and
market
perceptions
(including
perceptions
about
monetary
policy,
interest
rates,
inflation
or
the
risk
of
default);
government
actions
(including
protectionist
measures,
intervention
in
the
financial
markets
or
other
regulation,
and
changes
in
fiscal,
monetary
or
tax
policies);
geopolitical
events
or
changes
(including
natural
disasters,
terrorism
and
war);
outbreaks
of
infectious
illnesses
or
other
widespread
public
health
issues
(including
epidemics
and
pandemics);
and
factors
related
to
a
specific
issuer,
asset
class,
geography,
industry
or
sector.
Foreign
financial
markets
have
their
own
market
risks,
and
they
may
be
more
or
less
volatile
than
U.S.
markets
and
may
move
in
different
directions.
During
a
general
downturn
in
financial
markets,
multiple
asset
classes
may
decline
in
value
simultaneously.
These
and
other
factors
may
lead
to
increased
volatility
and
reduced
liquidity
in
the
fund’s
portfolio
holdings.
These
risks
may
be
exacerbated
during
economic
downturns
or
other
periods
of
economic
stress.
ESG
considerations.
Although
ESG
considerations
do
not
represent
a
primary
focus
of
the
fund,
we
expect
to
integrate
environmental,
social,
or
governance
(“ESG”)
considerations
into
our
fundamental
research
process
and
investment
decision-making
for
the
fund,
where
we
consider
them
material
and
relevant,
and
where
data
is
available.
We
believe
that
ESG
considerations,
like
other,
more
traditional
subjects
of
investment
analysis
such
as
credit,
interest
rate,
prepayment
and
liquidity
risks,
as
well
as
general
market
conditions,
have
the
potential
to
impact
financial
risk
and
investment
returns.
We
believe
that
ESG
considerations
are
best
analyzed
in
combination
with
traditional
fundamental
considerations,
including
a
company’s
industry,
geography,
and
strategic
position
or
the
fundamentals
of
a
securitized
product
and
its
underlying
assets.
With
respect
to
securitized
products,
we
may
evaluate
ESG
considerations
related
to
the
originator,
servicers
and
other
relevant
parties.
We
also
consider
ESG
factors
when
evaluating
sovereign
debt,
including
both
current
ESG
metrics
and
goals
and
progress
by
the
sovereign
issuer
with
respect
to
ESG
considerations.
When
considering
ESG
factors
for
all
asset
classes,
we
use
company
or
issuer
disclosures,
public
data
sources,
and
independent
third-party
data
(where
available)
as
inputs
into
our
analytical
processes.
With
respect
to
certain
fund
holdings,
such
as
holdings
of
securitized
investments,
data
on
material
ESG
considerations
may
be
limited.
Because
fixed
income
investments
generally
represent
a
promise
to
pay
principal
and
interest
by
an
issuer,
and
not
an
ownership
interest,
and
may
involve
complex
structures,
ESG-related
investment
considerations
may
have
a
more
limited
impact
on
risk
and
return
(or
may
have
an
impact
over
a
different
investment
time
horizon)
relative
to
other
asset
classes,
and
this
may
be
particularly
true
for
shorter-term
investments.
The
consideration
of
ESG
factors
as
part
of
the
fund’s
investment
process
does
not
mean
that
the
fund
pursues
a
specific
“ESG”
or
“sustainable”
investment
strategy,
and
we
may
make
investment
decisions
for
the
fund
other
than
on
the
basis
of
relevant
ESG
considerations.
Investments
in
Loans
Risk.
Investments
in
loans
are
generally
subject
to
the
same
risks
as
investments
in
other
types
of
debt
obligations,
including,
among
others,
credit
risk
interest
rate
risk
and
prepayment
risk,
which
are
discussed
above.
In
addition,
in
many
cases
loans
are
subject
to
the
risks
associated
with
below-investment
grade
securities.
This
means
loans
are
often
subject
to
significant
credit
risks,
including
a
greater
possibility
that
the
borrower
will
be
adversely
affected
by
changes
in
market
or
economic
conditions
and
may
default
or
enter
bankruptcy.
This
risk
of
default
will
increase
in
the
event
of
an
economic
downturn
or
a
substantial
increase
in
interest
rates
(which
will
increase
the
cost
of
the
borrower’s
debt
service).
Transactions
in
loans
may
settle
on
a
delayed
basis.
As
a
result,
the
proceeds
from
the
sale
of
a
loan
may
not
be
available
to
make
additional
investments.
The
fund
considers
“junior
loans”
to
be
loans
that
have
a
junior
position
in
an
issuer’s
capital
structure.
Because
junior
loans
are
unsecured
and
subordinated
and
thus
lower
in
priority
of
payment
to
senior
loans,
they
are
subject
to
the
additional
risk
that
the
cash
flow
of
the
borrower
and
property
securing
the
loan
or
debt,
if
any,
may
be
insufficient
to
meet
scheduled
payments
after
giving
effect
to
the
senior
secured
obligations
of
the
borrower.
There
are
no
limitations
on
the
fund’s
investments
in
junior
loans.
Bank
loans
may
not
be
considered
securities
and
therefore,
the
fund
may
not
have
the
protections
afforded
by
U.S.
federal
securities
laws
with
respect
to
such
investments.
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Mortgage-Backed
and
Asset-Backed
Securities
Risk
.
When
market
interest
rates
increase,
the
market
values
of
mortgage-backed
securities,
including
residential
mortgage-backed
securities,
decline.
At
the
same
time,
mortgage
re-financings
and
prepayments
slow,
which
lengthens
the
effective
duration
of
these
securities.
As
a
result,
the
negative
effect
of
the
interest
rate
increase
on
the
market
value
of
mortgage-backed
securities
is
usually
more
pronounced
than
it
is
for
other
types
of
fixed
income
securities,
potentially
increasing
the
volatility
of
the
fund.
Conversely,
when
market
interest
rates
decline,
while
the
value
of
mortgage-backed
securities
may
increase,
the
rate
of
prepayment
of
the
underlying
mortgages
also
tends
to
increase,
which
shortens
the
effective
duration
of
these
securities.
Mortgage-backed
securities
are
also
subject
to
the
risk
that
underlying
borrowers
will
be
unable
to
meet
their
obligations
and
the
value
of
property
that
secures
the
mortgage
may
decline
in
value
and
be
insufficient,
upon
foreclosure,
to
repay
the
associated
loan.
Investments
in
asset-backed
securities
are
subject
to
similar
risks.
Management
and
operational
risk.
The
fund
is
actively
managed
and
its
performance
will
reflect,
in
part,
our
ability
to
make
investment
decisions
that
seek
to
achieve
the
fund’s
investment
objective.
There
is
no
guarantee
that
the
investment
techniques,
analyses,
or
judgments
that
we
apply
in
making
investment
decisions
for
the
fund
will
produce
the
intended
outcome
or
that
the
investments
we
select
for
the
fund
will
perform
as
well
as
other
securities
that
were
not
selected
for
the
fund.
As
a
result,
the
fund
may
underperform
its
benchmark
or
other
funds
with
a
similar
investment
goal
and
may
realize
losses.
In
addition,
we,
or
the
fund’s
other
service
providers,
may
experience
disruptions
or
operating
errors
that
could
negatively
impact
the
fund.
Although
service
providers
may
have
operational
risk
management
policies
and
procedures
and
take
appropriate
precautions
to
avoid
and
mitigate
risks
that
could
lead
to
disruptions
and
operating
errors,
it
may
not
be
possible
to
identify
all
of
the
operational
risks
that
may
affect
the
fund
or
to
develop
processes
and
controls
to
completely
eliminate
or
mitigate
their
occurrence
or
effects.
Other
investments.
In
addition
to
the
main
investment
strategies
described
above,
the
fund
may
make
other
types
of
investments,
such
as
investments
in
asset-backed,
hybrid
and
structured
bonds
and
notes,
preferred
securities
that
would
be
characterized
as
debt
securities
under
applicable
accounting
standards
and
tax
laws,
and
assignments
of
and
participations
in
fixed
and
floating
rate
loans.
The
fund
may
also
invest
in
cash
or
cash
equivalents,
including
money
market
instruments
or
short-term
instruments
such
as
commercial
paper,
bank
obligations
(e.g.,
certificates
of
deposit
and
bankers’
acceptances),
repurchase
agreements,
and
U.S.
Treasury
bills
or
other
government
obligations.
The
fund
may
also
from
time
to
time
invest
all
or
a
portion
of
its
cash
balances
in
money
market
and/or
short-term
bond
funds
advised
by
Franklin
Advisers,
Inc.
or
its
affiliates.
The
percentage
of
the
fund
invested
in
cash
and
cash
equivalents
and
such
money
market
and
short-term
bond
funds
is
expected
to
vary
over
time
and
will
depend
on
various
factors,
including
market
conditions,
purchase
and
redemption
activity
by
fund
shareholders,
and
our
assessment
of
the
cash
level
that
is
appropriate
to
allow
the
fund
to
pursue
investment
opportunities
as
they
arise.
Large
cash
positions
may
dampen
performance
and
may
prevent
the
fund
from
achieving
its
goal.
The
fund
may
also
loan
portfolio
securities
to
earn
income.
The
Fund
may
also
invest
in
securities
of
other
investment
companies
to
the
extent
that
these
investments
are
consistent
with
the
Fund’s
investment
objective,
strategies
and
policies
and
permissible
under
the
1940
Act.
The
Fund
may
also
invest
in
securities
of
private
funds
that
rely
on
exceptions
from
the
definition
of
investment
company
under
Sections
3(c)
(1)
or
3(c)(7)
of
the
1940
Act,
structured
finance
vehicles
or
other
entities
not
traditionally
considered
pooled
investment
vehicles,
and
companies
that
rely
on
the
exceptions
from
the
definition
of
investment
company
under
Section
3(c)(5)
(A)
or
(B)
of
the
1940
Act.
The
Fund
may
invest
in
portfolio
affiliates
of
the
Fund
within
the
meaning
of,
and
in
reliance
on,
Rules
17a-6
and
17d-1(d)(5)
under
the
1940
Act.
The
Fund
may
invest
in
other
investment
companies
to
gain
broad
market
or
sector
exposure,
including
during
periods
when
it
has
large
amounts
of
uninvested
cash
or
when
the
investment
manager
believes
that
share
prices
of
other
investment
companies
offer
attractive
values.
In
general,
under
the
1940
Act,
an
investment
company
may
not
(i)
own
more
than
3%
of
the
outstanding
voting
securities
of
any
one
registered
investment
company,
(ii)
invest
more
than
5%
of
its
total
assets
in
the
securities
of
any
single
registered
investment
company
or
(iii)
invest
more
than
10%
of
its
total
assets
in
securities
of
other
registered
investment
companies
(the
“3-5-10%
Limitations”).
The
Fund
may
rely
on
certain
exemptions
to
exceed
the
3-5-10%
Limitations
when
investing
in
another
registered
investment
company
(including
money
market
funds)
or
business
development
company.
To
the
extent
that
the
Fund
invests
in
another
investment
company,
because
other
investment
companies
Putnam
Premier
Income
Trust
Important
Information
to
Shareholders
(unaudited)
65
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Report
pay
advisory,
administrative
and
service
fees
that
are
borne
indirectly
by
investors,
such
as
the
Fund,
there
may
be
duplication
of
investment
management
and
other
fees.
Temporary
defensive
strategies.
In
response
to
adverse
market,
economic,
political
or
other
conditions,
we
may
take
temporary
defensive
positions,
such
as
investing
some
or
all
of
the
fund’s
assets
in
cash
and
cash
equivalents,
that
differ
from
the
fund’s
usual
investment
strategies.
However,
we
may
choose
not
to
use
these
temporary
defensive
strategies
for
a
variety
of
reasons,
even
in
very
volatile
market
conditions.
If
we
do
employ
these
strategies,
the
fund
may
miss
out
on
investment
opportunities,
and
may
not
achieve
its
goal.
Additionally,
while
temporary
defensive
strategies
are
mainly
designed
to
limit
losses,
they
may
not
work
as
intended.
Changes
in
policies.
The
Trustees
may
change
the
fund’s
goal,
investment
strategies
and
other
policies
without
shareholder
approval,
except
in
circumstances
in
which
shareholder
approval
is
specifically
required
by
law
(such
as
changes
to
fundamental
investment
policies)
or
where
a
shareholder
approval
requirement
was
specifically
disclosed
in
the
fund’s
prospectus,
statement
of
additional
information
or
shareholder
report
and
is
otherwise
still
in
effect.
The
Fund’s
Fundamental
Investment
Policies
The
fund
has
adopted
the
following
investment
restrictions
which
may
not
be
changed
without
the
affirmative
vote
of
a
“majority
of
the
outstanding
voting
securities”
of
the
fund
(which
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended,
(the
“1940
Act”)
to
mean
the
affirmative
vote
of
the
lesser
of
(1)
more
than
50%
of
the
outstanding
shares
of
the
fund,
or
(2)
67%
or
more
of
the
shares
present
at
a
meeting
if
more
than
50%
of
the
outstanding
shares
of
the
fund
are
represented
at
the
meeting
in
person
or
by
proxy).
The
fund
may
not:
1.
Borrow
money
or
issue
senior
securities
(as
defined
in
the
1940
Act),
except
as
permitted
by
(i)
the
1940
Act,
(ii)
the
rules
or
regulations
promulgated
by
the
Securities
and
Exchange
Commission
under
the
1940
Act
or
(iii)
any
applicable
exemption
from
the
provisions
of
the
1940
Act.
2.
Underwrite
securities
issued
by
other
persons
except
to
the
extent
that,
in
connection
with
the
disposition
of
its
portfolio
investments,
it
may
be
deemed
to
be
an
underwriter
under
the
federal
securities
laws.
3.
Purchase
or
sell
real
estate,
although
it
may
purchase
securities
of
issuers
which
deal
in
real
estate,
securities
which
are
secured
by
interests
in
real
estate,
and
securities
representing
interests
in
real
estate,
and
it
may
acquire
and
dispose
of
real
estate
or
interests
in
real
estate
acquired
through
the
exercise
of
its
rights
as
a
holder
of
debt
obligations
secured
by
real
estate
or
interests
therein.
4.
Purchase
or
sell
commodities
or
commodity
contracts,
except
that
the
fund
may
purchase
and
sell
financial
futures
contracts
and
options
and
may
enter
into
foreign
exchange
contracts
and
other
financial
transactions
not
involving
physical
commodities.
5.
Make
loans,
except
by
purchase
of
debt
obligations
in
which
the
fund
may
invest
consistent
with
its
investment
policies
(including
without
limitation
debt
obligations
issued
by
other
Putnam
funds),
by
entering
into
repurchase
agreements
or
by
lending
its
portfolio
securities.
6.
With
respect
to
50%
of
its
total
assets,
invest
in
securities
of
any
issuer
if,
immediately
after
such
investment,
more
than
5%
of
the
total
assets
of
the
fund
(taken
at
current
value)
would
be
invested
in
the
securities
of
such
issuer;
provided
that
this
limitation
does
not
apply
to
obligations
issued
or
guaranteed
as
to
interest
or
principal
by
the
U.S.
Government
or
its
agencies
or
instrumentalities.
7.
With
respect
to
50%
of
its
total
assets,
acquire
more
than
10%
of
the
outstanding
voting
securities
of
any
issuer.
8.
Invest
more
than
25%
of
the
value
of
its
total
assets
in
any
one
industry.
(Securities
of
the
U.S.
Government,
its
agencies
or
instrumentalities,
or
of
any
foreign
government,
its
agencies
or
instrumentalities,
securities
of
supranational
entities,
and
securities
backed
by
the
credit
of
a
governmental
entity
are
not
considered
to
represent
industries.)
The
following
information
is
a
summary
of
material
changes
since
the
last
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
the
Fund.
There
have
not
been
any
material
changes
during
the
last
fiscal
year.
Putnam
Premier
Income
Trust
Annual
Meeting
of
Shareholders:
April
25,
2025
(unaudited)
66
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Semiannual
Report
The
Annual
Meeting
of
Shareholders
of
Putnam
Premier
Income
Trust
(the
“Fund”)
was
held
at
the
Fund’s
offices,
100
Federal
Street,
Boston,
MA,
on
April
25,
2025.
The
purpose
of
the
meeting
was
to
elect
Trustees
of
the
Fund
and
to
fix
the
number
of
Trustees
for
the
Fund
at
8.
At
the
meeting,
all
the
nominees
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund.
Shareholders
also
fixed
the
number
of
Trustees
for
the
Fund
at
8.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
Trustees:
2.
Fixing
the
number
of
Trustees
at
8:
Term
Expiring
2026
For
%
of
Shares
Present
%
of
Outstanding
Shares
Withheld
%
of
Shares
Present
%
of
Outstanding
Shares
Robert
D.
Agdern
............
Carol
L.
Colman
.............
Anthony
Grillo
...............
Eileen
A.
Kamerick
...........
Nisha
Kumar
................
Peter
Mason
................
Hillary
A.
Sale
...............
Jane
E.
Trust
................
70,115,572
70,396,930
70,220,575
69,536,398
69,416,861
70,320,581
70,479,586
69,523,750
95.76%
96.14%
95.90%
94.97%
94.80%
96.04%
96.25%
94.95%
73.49%
73.79%
73.60%
72.88%
72.76%
73.71%
73.87%
72.87%
3,107,473
2,826,115
3,002,470
3,686,647
3,806,184
2,902,464
2,743,458
3,699,295
4.24%
3.86%
4.10%
5.03%
5.20%
3.96%
3.75%
5.05%
3.26%
2.96%
3.15%
3.86%
3.99%
3.04%
2.88%
3.88%
Shares
Voted
%
of
Shares
Present
%
of
Outstanding
Shares
For
.......................
Against
....................
Abstain
....................
70,569,948
1,741,660
911,430
96.38%
2.38%
1.24%
73.97%
1.83%
0.96%
Putnam
Premier
Income
Trust
67
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Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
Dividend
reinvestment
plans
Putnam
Managed
Municipal
Income
Trust,
Putnam
Master
Intermediate
Income
Trust,
Putnam
Municipal
Opportunities
Trust
and
Putnam
Premier
Income
Trust
(each,
a
“Fund”
and
collectively,
the
“Funds”)
each
offer
a
dividend
reinvestment
plan
(each,
a
“Plan”
and
collectively,
the
“Plans”).
If
you
participate
in
a
Plan,
all
income
dividends
and
capital
gain
distributions
are
automatically
reinvested
in
Fund
shares
by
the
Fund’s
agent,
Computershare
Trust
Company,
N.A.
(the
“Agent”).
If
you
are
not
participating
in
a
Plan,
every
month
you
will
receive
all
dividends
and
other
distributions
in
cash,
paid
by
check
and
mailed
directly
to
you
or
your
intermediary.
Upon
a
purchase
(or,
where
applicable,
upon
registration
of
transfer
on
the
shareholder
records
of
a
Fund)
of
shares
of
a
Fund
by
a
registered
shareholder,
each
such
shareholder
will
be
deemed
to
have
elected
to
participate
in
that
Fund’s
Plan.
Each
such
shareholder
will
have
all
distributions
by
a
Fund
automatically
reinvested
in
additional
shares,
unless
such
shareholder
elects
to
terminate
participation
in
a
Plan
by
instructing
the
Agent
to
pay
future
distributions
in
cash.
Shareholders
who
were
not
participants
in
a
Plan
as
of
January
31,
2010,
will
continue
to
receive
distributions
in
cash
but
may
enroll
in
a
Plan
at
any
time
by
contacting
the
Agent.
If
you
participate
in
a
Fund’s
Plan,
the
Agent
will
automatically
reinvest
subsequent
distributions,
and
the
Agent
will
send
you
a
confirmation
in
the
mail
telling
you
how
many
additional
shares
were
issued
to
your
account.
To
change
your
enrollment
status
or
to
request
additional
information
about
the
Plans,
you
may
contact
the
Agent
in
writing
at
P.O.
Box
43006
Providence,
RI
02940-3078
or
by
calling
the
Agent
at
1-888-888-0151.
How
you
acquire
additional
shares
through
a
Plan
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
greater
than
or
equal
to
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
you
will
be
issued
shares
of
the
Fund
at
a
value
equal
to
the
higher
of
the
net
asset
value
per
share
on
that
date
or
95%
of
the
market
price
per
share
on
that
date.
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
less
than
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
the
Agent
will
buy
Fund
shares
for
participating
accounts
in
the
open
market.
The
Agent
will
aggregate
open-market
purchases
on
behalf
of
all
participants,
and
the
average
price
(including
brokerage
commissions)
of
all
shares
purchased
by
the
Agent
will
be
the
price
per
share
allocable
to
each
participant.
The
Agent
will
generally
complete
these
open-market
purchases
within
five
business
days
following
the
payment
date.
If,
before
the
Agent
has
completed
open-market
purchases,
the
market
price
per
share
(plus
estimated
brokerage
commissions)
rises
to
exceed
the
net
asset
value
per
share
on
the
payment
date,
then
the
purchase
price
may
exceed
the
net
asset
value
per
share,
potentially
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
newly
issued
shares.
How
to
withdraw
from
a
Plan
Participants
may
withdraw
from
a
Fund’s
Plan
at
any
time
by
notifying
the
Agent,
either
in
writing
or
by
telephone.
Such
withdrawal
will
be
effective
immediately
if
notice
is
received
by
the
Agent
with
sufficient
time
prior
to
any
distribution
record
date;
otherwise,
such
withdrawal
will
be
effective
with
respect
to
any
subsequent
distribution
following
notice
of
withdrawal.
There
is
no
penalty
for
withdrawing
from
or
not
participating
in
a
Plan.
Plan
administration
The
Agent
will
credit
all
shares
acquired
for
a
participant
under
a
Plan
to
the
account
in
which
the
participant’s
common
shares
are
held.
Each
participant
will
be
sent
reasonably
promptly
a
confirmation
by
the
Agent
of
each
acquisition
made
for
his
or
her
account.
About
brokerage
fees
Each
participant
pays
a
proportionate
share
of
any
brokerage
commissions
incurred
if
the
Agent
purchases
additional
shares
on
the
open
market,
in
accordance
with
the
Plans.
There
are
no
brokerage
charges
applied
to
shares
issued
directly
by
the
Funds
under
the
Plans.
Putnam
Premier
Income
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
68
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About
taxes
and
Plan
amendments
Reinvesting
dividend
and
capital
gain
distributions
in
shares
of
the
Funds
does
not
relieve
you
of
tax
obligations,
which
are
the
same
as
if
you
had
received
cash
distributions.
The
Agent
supplies
tax
information
to
you
and
to
the
IRS
annually.
Each
Fund
reserves
the
right
to
amend
or
terminate
its
Plan
upon
30
days’
written
notice.
However,
the
Agent
may
assign
its
rights,
and
delegate
its
duties,
to
a
successor
agent
with
the
prior
consent
of
a
Fund
and
without
prior
notice
to
Plan
participants.
If
your
shares
are
held
in
a
broker
or
nominee
name
If
your
shares
are
held
in
the
name
of
a
broker
or
nominee
offering
a
dividend
reinvestment
service,
consult
your
broker
or
nominee
to
ensure
that
an
appropriate
election
is
made
on
your
behalf.
If
the
broker
or
nominee
holding
your
shares
does
not
provide
a
reinvestment
service,
you
may
need
to
register
your
shares
in
your
own
name
in
order
to
participate
in
a
Plan.
In
the
case
of
record
shareholders
such
as
banks,
brokers
or
nominees
that
hold
shares
for
others
who
are
the
beneficial
owners
of
such
shares,
the
Agent
will
administer
the
Plan
on
the
basis
of
the
number
of
shares
certified
by
the
record
shareholder
as
representing
the
total
amount
registered
in
such
shareholder’s
name
and
held
for
the
account
of
beneficial
owners
who
are
to
participate
in
the
Plan.
Putnam
Premier
Income
Trust
Shareholder
Information
69
franklintempleton.com
Semiannual
Report
Important
notice
regarding
delivery
of
shareholder
documents
In
accordance
with
Securities
and
Exchange
Commission
(SEC)
regulations,
Putnam
sends
a
single
notice
of
internet
availability,
or
a
single
printed
copy,
of
annual
and
semiannual
shareholder
reports,
prospectuses,
and
proxy
statements
to
Putnam
shareholders
who
share
the
same
address,
unless
a
shareholder
requests
otherwise.
If
you
prefer
to
receive
your
own
copy
of
these
documents,
please
call
Putnam
at
1-800-225-1581,
and
Putnam
will
begin
sending
individual
copies
within
30
days.
Proxy
Voting
The
Investment
Manager
is
committed
to
managing
our
funds
in
the
best
interests
of
our
shareholders.
The
Putnam
Investments’
proxy
voting
guidelines
and
procedures,
as
well
as
information
regarding
how
your
fund
voted
proxies
relating
to
portfolio
securities
during
the
12-month
period
ended
June
30,
2025,
are
available
at
franklintempleton.
com/regulatory
fund-documents
and
on
the
SEC’s
website,
www.sec.gov.
If
you
have
questions
about
finding
forms
on
the
SEC’s
website,
you
may
call
the
SEC
at
1-800-SEC-
0330.
You
may
also
obtain
the
Putnam
Investments'
Proxy
Voting
Guidelines
and
Procedures
at
no
charge
by
calling
Putnam’s
Shareholder
Services
at
1-800-225-1581.
Fund
Portfolio
Holdings
The
Fund
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Privacy
Policy
To
better
service
your
accounts
and
process
transactions
or
services
you
requested,
we
may
share
non-public
personal
information
with
other
Franklin
Templeton
companies.
From
time
to
time
we
may
also
send
you
information
about
products/services
offered
by
other
Franklin
Templeton
companies
although
we
will
not
share
your
non-public
personal
information
with
these
companies
without
first
offering
you
the
opportunity
to
prevent
that
sharing.
We
will
only
share
non-public
personal
information
with
outside
parties
in
the
limited
circumstances
permitted
by
law.
For
example,
this
includes
situations
where
we
need
to
share
information
with
companies
who
work
on
our
behalf
to
service
or
maintain
your
account
or
process
transactions
you
requested,
when
the
disclosure
is
to
companies
assisting
us
with
our
own
marketing
efforts,
when
the
disclosure
is
to
a
party
representing
you,
or
when
required
by
law
(for
example,
in
response
to
legal
process).
Additionally,
we
will
ensure
that
any
outside
companies
working
on
our
behalf,
or
with
whom
we
have
joint
marketing
agreements,
are
under
contractual
obligations
to
protect
the
confidentiality
of
your
information,
and
to
use
it
only
to
provide
the
services
we
asked
them
to
perform.
38924
S
03/26
©
2026
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund's
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Putnam
Premier
Income
Trust
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
Computershare
Inc.
P.O.
Box
43006,
Providence,
RI:
02940-3078
Toll
Free
Number:
1-888-888-0151
(800)
DIAL
BEN
®
/
342-5236

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

   

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

 

Putnam Premier Income Trust  
     
By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: March 30, 2026  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer  
     
Date: March 30, 2026  

 

By: /s/ Jeffrey White  
  Jeffrey White  
  Principal Financial Officer  
     
Date: March 30, 2026  
   


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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XBRL PRESENTATION FILE

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